Minnesota parents may want to lay the groundwork for strong estate planning by talking to their children about their values when they are young. By establishing an early tradition that money is an appropriate subject, they make it easier to discuss finances in the family. They can also discuss their values with their children, which can help ensure that their legacy is carried on through estate planning and other means.
Talking about estate planning can still be tough for everyone. Parents who are introducing the topic might begin by telling their children that they want to make sure they are taken care of as they age and that they want to talk about expectations. Children who broach the topic can tell their parents that they want to make sure everything is in place to ensure they are able to help them as they get older.
Families who do not discuss estate planning early may find themselves trying to navigate the conversation during a health crisis. This can be stressful and may mean a person’s wishes are not understood or carried out. During earlier conversations, it could be helpful to have financial and legal professionals present to make sure the right documents are in place. These are difficult conversations, but the final result is peace of mind for families.
An important aspect of estate planning is preparing for the possibility that a person will be incapacitated. Powers of attorney for health care and finances can appoint someone to handle these aspects. A health care power of attorney can give someone the ability to make health care decisions on the person’s behalf. Conversations well before the crisis point about the person’s wishes will help. The person may also want to consider asking an attorney to help them write a living will, which addresses wishes for end-of-life care.