
Discussing estate planning with aging parents
When individuals consider discussing the future with their elderly parents, they are often worried and apprehensive. What will happen during the talk, how will their parents react, and what should they say? As a result, people often postpone this topic for as long as possible. Delaying too long, however, might be dangerous—as parents become older, it may become more difficult for them to make choices about their future, perhaps leading to even more challenges. The following are some questions that children should ask their elderly parents regarding estate planning and why it is so important to do it as soon as feasible.
What are your financial plans for the future?
It's critical to engage with parents about how they want their money spent, both now and in the future. If they do not a...