One thing that middle-aged adults sometimes are concerned about is whether or not their parents have done any estate planning or if the plan that they’ve made is adequate. They want to find out what type of documents are in place and if their parents have even gotten started.
At the same time, these adult children tend to worry about how this is going to come across. Will their parents think that they are just greedy and that they want their inheritance now? Will they feel awkward talking about their own passing with their children? How can you bring this up in a way that is not offensive but still gets you the answers that you’re looking for?
Building out your own plan
One way to do this is to build your own estate plan. Consider the different goals that you have and all the tools at your disposal. For instance, you may want a general will that specifies what happens with your assets, but you may also be interested in things like a medical power of attorney, a financial power of attorney or picking a guardian for your children who are still minors.
There are a lot of different things that you can do, but this also opens up the door to talk to your parents. You can tell them about the various tools that you used. You can talk about how complex or how simple the process felt to you. And then you can ask them what they have done and if they have any advice that they’ve learned along the way. This makes it easy to start the conversation and find out where they stand, and it also means that your estate plan gets put in place at the same time.
Whether you’re interested in building your own plan or just looking for more information about how your parents’ plan may impact you, be sure you know exactly what steps to take.