Tennessee is the perfect state for families to enjoy together. Over time, the children in these families become adults, and their parents become senior citizens. As this happens, adult children must ensure their parents have estate plans.
Addressing common estate planning myths
There is often misinformation and myths about almost any subject. Unfortunately, the topic of estate planning is no different. Your parents might believe estate planning is only for excessively wealthy people, which isn’t true. Having an estate plan benefits anyone wanting something to leave behind for their loved ones.
Setting up an estate plan
After overcoming any potential objections, your elderly parents can begin the estate planning process. While everyone’s needs are different, an estate plan typically consists of several essential documents. Completing a will lets each of your parents distribute what they’ll leave behind to beneficiaries. A living will focuses on carrying out someone’s medical care and end-of-life preferences.
Designating who receives assets
Another intelligent step during estate planning discussions is to cover the subject of beneficiaries. Specifically, it’s good for a family to get together and discuss assets they’d like to have. Having these simple conversations now can save beneficiaries a lot of time in the future.
After people create estate plans, they often need someone to carry out their final wishes. This person is as executor of an estate. It’s wise to ensure an estate’s executor lives nearby and can handle making potentially tough decisions.
It may feel uncomfortable beginning the discussion about estate planning with your parents. However, getting your parents’ estates in order before they pass away can help you and any potential siblings avoid unwanted stress.