Cynthia Leach

Accountant & Estate Planner

Estate planning is a very personal and private matter. As a result, many children and grandchildren are not aware of estate issues or the personal wishes of their parents and grandparents until it is too late to plan.

Perhaps the best way to start the discussion with a parent is to ask questions such as, "Have you done any estate planning?" or "Are there any estate decisions that I need to be aware of?" Another alternative would be to ask your parents for advice on your own estate plan.  This may lead to a discussion of their own plans. The questions do not have to initially focus on financial issues or on what individual beneficiaries will receive. Instead, the questions should focus on understanding the overall wishes of a parent and how you can help.

A parent may not want to discuss issues relating to death; however, by waiting, the discussion may never occur. You should also remember that a discussion of your parent's estate planning needs may affect your own estate planning, and you may need to consider revising your own strategies.