If you are wondering how to get your parent or parents to invest in an estate plan, start by asking yourself one simple question, why do you think they need an estate plan? The answer you come up with will usually dictate the conversation you should be having.
Let’s say for example, you don’t have any siblings and are expecting to be the sole heir of an inheritance. Let’s further suggest that your parents own a home valued at five hundred thousand dollars.
In our “perfect world scenario,” the home forever holds its value without complication.
As sole heir, you realize that if your parents do not have an estate plan, it will be left up to you to pay unnecessary taxes and to hire your own estate planning attorney to assist in probate proceedings.
How much would the taxes and legal fees amount to on a five hundred thousand dollar home?
Conservatively speaking, you are looking at giving up approximately twenty thousand dollars of your inheritance.
The good news is that in our scenario it isn’t too late to get your parent or parent’s to consult with an estate planning attorney.
Ah, but here is the rub …
Fast forward a little later. You’ve explained the scenario to your parents. Curious to know where the twenty thousand dollar estimate came from, they visited our website and read a past article entitled: Estate Plans are Worth the Expense. But even though they read the article (liked and understood it), they still decided not to move forward with having an estate plan drafted, let alone meeting an estate planning attorney.
Now what?
Fear not. All is not lost. How about you try putting your money where your mouth is?
After all, in our perfect scenario, you are the sole heir, and there are no complications – financial or medical – nor will there ever be any, save the eventual passing of your parents. Meaning, it’s you who really benefits the most from your parent’s having an estate plan. Therefore, why not consider paying a part of the estate plan cost? Heck, if it means you keep most of that twenty thousand, why not pay for all of it?
But here is the thing …
Even if you do convince your parents to have an estate plan drafted, you must realize the estate planning attorney’s loyalty is to the client (those whom the plan is drafted for), even if as in our scenario, you were the one who picked up the cost.
So what is the lesson here?
Maybe only this …
You can’t decide what another person does with their assets or money, but if you truly think a family member is in need of an estate plan – whether for financial reasons, medical purposes, or both – please encourage them to visit a qualified estate planning attorney for a free consultation.
