Talking with a parent about estate planning is never easy. Here are several conversation starters that can help adult children and their parents’ plan.
As of 2021, Americans older than 65 now number nearly 55.8 million,1 a number that is expected to climb significantly as Baby Boomers continue to age. Even with this “graying of America,” a recent Caring.com survey showed 2 out of 3 U.S. adults do not have estate planning documents at all,2 jeopardizing the smooth transfer of hard-earned wealth from one generation to another.
The issue is often around starting the difficult conversation of estate planning. Talking with a parent about sensitive topics like incapacity or end-of-life issues is never easy. But adults with aging parents can open the lines of communication about the family’s financial future and the need to have a plan.
Here are four questions to ask: