Preparing an estate plan is a legally complex and emotionally charged process where vital decisions are made. According to CNBC, 67 percent of United States residents do not have a will, trust, or any form of strategy in place.
With two-thirds of the populace failing to undergo this much-needed legal process, countless families will be left confused as to the next steps following a parent’s death.
When a parent grows old, countless difficult questions must be posed. While asking about the existence of a will or trust seems inappropriate, knowing that one is in place provides a certain level of peace of mind.
Some parents may not be truthful about the existence of an estate plan, fearing that their child may be motivated by greed. Others may have a document prepared but still have not signed it. A majority of the elderly simply don’t want to talk about it due to its association with them dying.
Proactive steps are vital
Start as soon as possible. Broaching the subject required an empathetic approach. Growing older represents a challenging phase in life where a delicate touch is paramount. Focus on their dignity by providing ideas and options. Offer suggestions, not mandates. Topics that make them uncomfortable should be left for another day.
Countless scenarios exist for anyone to have not only a will. Some families need guardians for minor kids or adult children who have special needs. Single people who are in a committed relationship but not married should formalize their partnership in an estate plan.
Perhaps one of the best reasons to have an estate plan is potential conflicts among heirs regardless of where specific assets end up. Regardless of the reasoning, a will and living trust recognize relationships following the death of a loved one. The last thing anyone wants is intestate succession, where assets are distributed based on state law.