Estate planning can serve many purposes and can assist your loved one and your family members in big ways, but only when it’s been completed. Estate planning can assist with the transfer of property to minimize your tax liability of assets in the event of your passing.
It can be very difficult as an adult child to bring up this concept with your parents and one of the easiest ways to do this is to discuss the ultimate benefit as peace of mind. When broaching the subject, it can be interpreted a variety of different ways if you’re not careful to think about making the other party comfortable in this situation.
Peace of mind that their assets will be distributed according to their wishes and that there are guardrails in place to help protect other aspects of their life, such as naming a guardian for a minor child, can help make this circumstance that much easier to talk about with the support of an experienced estate planning lawyer.
Before meeting with an attorney, make your loved one recognize why you feel this is beneficial for them to do. No one wants to plan for unforeseen events but all too often it is family members who are left scrambling in the wake of the discovery that there is no power of attorney or that a will was never created and that the house deed is in the name of only the deceased spouse.
Many different situations that can make it difficult for family members to move on can be avoided by proper estate planning. Schedule a consultation with a dedicated lawyer to discuss your options and to learn more about how to break the ice with your family about estate planning. Our NH & Maine estate planners can help.