Georgia residents can likely benefit from sitting down with their families and discussing various estate plan topics. One of those topics may be related to how a parent intends to transfer his or her assets. However, broaching this topic may be difficult as many older Americans grew up in a time when discussing money was taboo. In fact, only 21 percent of parents polled by Ameriprise said that their children know how much they will receive.
In many cases, adult children don’t feel like it is proper to discuss money with their parents. However, not having an estate planning conversation could result in family infighting or conflict between siblings. Generally speaking, this tends to occur after a parent has passed on. The chances of family conflict could increase if a person has children from multiple marriages or a family is otherwise blended to some degree.
An estate planning conversation can start by asking a parent or grandparent general questions about their long-term wants and needs. It can also encompass issues related to who would be in charge of maintaining a home or paying bills if an elderly family member become incapacitated. Asking open-ended questions can make it easier to get a reluctant individual to open up about issues most will face as they age.
There may be many good reasons why a person should make estate planning a top priority. For instance, a parent may use a will to make sure that a minor child has a suitable guardian. Those who have retirement accounts, homes or cars may be able to use a beneficiary designation to pass them on to their preferred beneficiaries. Estate planning may be especially important after a divorce or other major life event such as the birth of a child or grandchild.