No one wants to face the eventuality of their parents passing away. Most people find themselves filling with dread at the mention of such an issue; however, you need to broach this subject at some point in yours and your parents’ lives, especially if they reside in assisted living in Oklahoma City, OK, or plan to during their golden years.
More specifically, you and your parents must discuss the details regarding their estate and wills. You never want to put these aspects of death planning off because once your parent dies, it may become incredibly difficult to claim and divide your parents’ assets among you and their other inheritors. Here are some ways to launch this important conversation.
Because estate planning and wills are such sensitive issues, you don’t want to dive headfirst into discussing them. Broaching this subject with your parents and family takes some careful consideration. Start off by deciding when and where to talk about this with your parents. The ideal setting is a more casual one, perhaps in their apartment at assisted living in Oklahoma City, OK, and the situation itself relaxed and peaceful.
Make it clear this conversation is for their benefit, as well as for the rest of the family; you aren’t just looking out for yourself and what you’ll get out of establishing your parents’ will properly.
It may help to get the rest of the family in on the conversation so everyone is on the same page. While it’s best to get together in person to talk about this, phone calls and Skype may also suffice for family members who live far away. Exercise this tip with caution, however. If you suspect one of your relatives may be invested in your parents’ will for selfish reasons or know their motives are self-interested, leave them out of the discussion. It may also help to have a professional mediator involved in the conversation to keep things on track.
Your parents’ goals and wants for their estate are ultimately the most important factor to keep in mind. Talk to them about how they would like their assets and money to be used toward their care once they are no longer able to maintain independence, as well as after their death. Some of the money should be set aside for affordable senior living once they need it. The rest can be allocated to other needs and/or as your parent decides.
Some seniors may also be interested in donating some of their assets to charitable causes after their death. Now is the time to discuss all of these matters and get to the heart of your parents’ wishes so you know exactly how to honor them once your parents are no longer here.
Consider making affordable senior living another component of this important financial discussion if your parents have not yet reached that stage of life. To learn more about your assisted living options in OKC, get in touch with our team at Village at Oakwood.