Consulting your parents about their own money might seem counterintuitive. What is even more unexpected are the risks that estates face when they’re transferred without a plan. Estate planning in Florida isn’t reserved for residents with hundreds of millions in assets. Anyone with a family has the future of their family to truly consider. Estate planning prepares for the future and, by doing so, allows residents to hedge their wealth so the next generation prospers.
Start things as a family discussion
If you have siblings, don’t try to encourage your parents toward estate planning alone. Their planning is not beneficial if they can’t make broad decisions about their possessions. You don’t want your parents to sense greed or selfishness in your attempts. Yes, some parents simply never thought about planning, so encouraging them is smart. Others have, so they need equitable reasons to take larger strides and get their transfer plan onto legal documents.
Be cautious of when and where
Estate planning with your family is easier when everyone can get involved. Knowing how to speak with your parents is necessary, but pushing them might only provide bad results. Being open-minded about their own needs will lead you strategically. You want to time their interest in planning, and take advantage of any moment when they’re excited. The first day you tell them of the benefits of planning should not be the same day you have them piece together a plan.
Estate planning in Florida
Remind them of the risks ahead if they allow their estate to be disbursed by a public court. They not only risk losing it all but their good intentions for you might get overlooked. Proud families deserve to see their wealth build their next generations, but this only happens with a plan.