Estate Planning is one of the hardest conversations you’ll ever have with your parents.
Estate planning for parents can be a difficult conversation for many reasons. Some of those reasons are obvious but some of the issues don’t show up until well into the conversation. We’ve designed 5 Estate Planning Checklists for Parents and families to make the conversation a lot less difficult to have. Nobody wants to think about that day they’re no longer here… I don’t want to think about my mom experiencing a decline in her health, especially one that severely limits her ability to communicate.
That’s just one reason that this conversation is essential – while your parents are able to share their information, their wishes, and their instructions. More importantly, this conversation is an opportunity for your parents to share their vision, values, and purpose with the people they love. Their passing or incapacitation will be even more painful if you have to grapple with their estate after avoiding this important conversation.
A 2020 Wells Fargo/Gallup Investor and Retirement Optimism Index showed that 43% of investors between the ages of 50 and 64, and 17% of those 65 or older, have no written will. Nor do they have any form of written estate plans. About 40% of investors either don’t ever talk to their parents about estate planning, dread the talk, or totally avoid it altogether.
Thankfully, most families do talk about estate planning with their parents and our 5 Estate Planning Checklists for Parents can make this conversation more productive.
Estate Planning for Parents can be a very intimidating conversation but there are several steps you can take to make the conversation happen in a meaningful and loving way.
Estate Planning for Parents Library
Estate Planning for Parents involves several resources which we have listed below. Visit our Resource Library for more guides, checklists, and flowcharts.
Enroll in our online course to access all of our Resources:
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40+ decision-oriented flowcharts
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40+ issue-based checklists
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Updated as needed to stay current
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One to two new resources added each month
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Download as PDFs
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Advisory-Team-Friendly
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Resources to build your plan
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Share online/social media/email (Friends, Family, and Financial Advisors)
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Download your favorite resources anytime
Estate planning is a critical aspect of the financial planning process. Reviewing a client’s documents is an important exercise, both at the outset and throughout the advisory relationship. However, this can be a daunting task for both clients and advisors, who may find the exercise tedious and, perhaps, confusing.
To help guide your document review, we have created this checklist. It covers key considerations regarding the most common estate planning documents, including:
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Wills
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Living Trusts
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Irrevocable Trusts
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Powers of Attorney
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Living Wills
To pair with this resource, or to guide a more general discussion with parents, please see our Estate Plan Update Checklist
This checklist covers 18 of the most important planning issues to identify and consider for a parent before updating their estate plan. It’s structured as follows:
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Beneficiary & Fiduciary Issues
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Assets & Property Related Issues
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Minors & Children Related Issues
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Other Issues
This checklist covers 24 of the most important planning issues to identify and consider before a family closes an estate for a parent or loved one. It’s structured as follows:
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Cash Flow Issues
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Asset & Debt Issues
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Additional Administration Issues
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Tax Issues
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Other Issues
This checklist covers 28 of the most important planning issues to identify and consider for a parent, whose spouse has been diagnosed with a terminal illness. It’s structured as follows:
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Cash Flow Issues
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Estate Planning Issues
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Insurance Issues
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Tax Planning Issues
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Asset & Debt Issues
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Other Issues
This checklist covers 28 of the most important planning issues to identify and consider for a parent, whose spouse has recently passed away. It’s structured as follows:
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Cash Flow Issues
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Estate Settlement Issues
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Insurance Issues
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Tax Issues
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Investment & Asset Issues
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Other Issues
Please share these 5 Estate Planning Checklists for Parents with your friends, family, and Financial Advisors. When you’re ready to have an Estate Planing Conversation, we’re ready to listen. with a today.
Vision, Values, and Purpose
What Matters Most in any relationship is trust. If you want to build trust with your family, your friends, or your clients, you might want to consider starting the conversation with a few questions that can help you better understand their vision, values, and purpose. If you’re a Financial Advisor, you’re invited to learn how with our .
