Do your parents have an estate plan?
Probably less than 5% of the trusts I have prepared over the past 20 years have been purchased for parents. The percentage should be higher.
There are many reasons why people put off planning for their own death. The reasons don’t really matter. The concern is that when your parents leave, they won’t have to deal with the problems created by their procrastination, you will.
You and your siblings or other heirs will have to pay the lawyers and the courts, endure the delays and delays, and experience the many difficulties of probate, while a judge decides how to distribute your parents’ estate.
There is a simple and inexpensive solution. Gather your brothers / sisters and give your parents a living trust for your next anniversary, birthday or Christmas, etc.
If your siblings don’t want to share the expense with you, do it yourself. You are really giving the gift that keeps giving. It gives your parents the gift of peace of mind that comes with having your affairs in order, and it gives you and other heirs the peace of mind of knowing that there will be no probate and no attorney will take a percentage of the estate as a fee. . The inheritance will be distributed in a matter of weeks instead of years and family conflicts will be more easily avoided. It really is a win-win situation.
If you know that your parents haven’t created a trust yet, you don’t have to wait for them to act. You don’t have to convince them. You may need to educate them, but if you’re paying and doing all the work, they shouldn’t care. Do it yourself.
