Inheritance is simply succession to tangible and intangible things. While it can mean many things to inherit something that we have no control over, like gene traits, values, and personality, in a more tangible way inheritance means your succession to someone’s assets, properties, and accounts.
Estate planning is a conversation with an attorney about inheritance of the tangible things. Estate planning is a complex and sensitive conversation and as attorneys we see that many people do not reach out for help when they need it most. So how do I get started with estate planning
People procrastinate, don’t like to talk about their death, don’t like to spread bad spirits and dark talk, and usually just blindly optimistic that “everything will just work out.” While some of this is understandable, it is not very pragmatic and this way of thinking can be quite costly down the line.
Alternatively, most people don’t know how to approach this conversation with their parents, because they are either worried that they won’t take it the right way or don’t even know where to begin.
I believe that you can start a conversation about estate planning and inheritance with your parents or grand-parents using the below guide and cross this taboo barrier to make sure that they are protected and that all they work for during their life does not get squandered away or used against their wishes.
This is just my suggested guide to open this conversation, but you can feel free to adjust this however you want or feel is appropriate.