How to Discuss Getting a Living Trust with Your Parents?

Regardless of how different our lives are, one thing is certain: we will all die at some point. Despite this fact, discussing death has become a taboo subject in society, particularly when it comes to money.

It goes without saying that as responsible children, we desire to fulfill our parents' wishes. This will be tough to accomplish after they have passed away, especially if they have never expressed their wishes while they were still alive. It's even more upsetting if no wishes have been written down in a will or a trust.

This can lead to family strife and irreversible harm to relationships. When a loved one passes away, relatives who were never a part of the decedent's life often come forward (or "come out of the woodwork") to claim assets. By talking to your parents about their estate plans now, you can avoid these issues in the future.

A living trust is a certain approach to ensure that your parents' final wishes are carried out. A simple will may help prevent probate if the decedent's fortune is less than $166,250, but a living trust can allow you to avoid probate totally, which is a big benefit for many families.

But, in a society where death is frowned upon, how do you broach the issue of establishing a living trust without appearing greedy?

Take Care With Your Words

Miscommunication is one of the most common reasons of family conflict. You brought up the living trust with your parents because you want to avoid any future misunderstandings and ensure that their desires are followed. It's easy to damage what you're trying to do by using terms that they might misinterpret.

Instead of jumping right into the living trust, explain where you're coming from first. Tell them about how different interpretations of a parent's will have caused siblings to become permanently alienated. You can also tell your parents about how some people ended up paying a lot of money in estate taxes and probate fees because their parents only left a will. Then you may explain how a living trust can help you avoid them.

At the Appropriate Time, Involve Your Siblings

Your siblings are frequently included in your parents' estate planning. It's critical that you bring up the topic with your siblings. Just be careful not to form a group against your parents, as this could be misconstrued.

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Involving your siblings in a discussion about your parents' estate and the importance of a living trust will give your parents and siblings peace of mind that you aren't only looking out for yourself. When it comes to avoiding misinterpretation, this is a crucial issue to consider.

We talk to folks about delicate things when we're ready most of the time. It's not about you when you set up a living trust for your parents; it's about them and what they want to happen with the assets and properties they've worked hard to accumulate over the years.

If you don't want to be misunderstood, speak with your parents when they are ready to discuss this sensitive subject. Set up a meeting where they know what you'll talk about instead of just bringing it up in the middle of a casual chat.

You and your siblings should inform your parents that you are unsure of their estate desires and that you do not want to misinterpret their wishes and mismanage their assets. Make it clear that you want to support their wishes and that you want to give them time to express their feelings when they're ready.

When your parents are ready, bring up the subject of living trusts and how they can help you ensure that your parents' desires are carried out.

Concentrate on your parents' desires.

One of the benefits of a living trust is that it allows you to determine the wishes of the trust grantor while they are still alive. Bringing up the topic with your parents indicates that you wish to assist them in achieving their goals.

As a result, it's critical that you focus exclusively on what they want during this talk, rather than on what others want. If you or any of your siblings are having financial troubles, acknowledge it and schedule a time to talk about it later.

Because of the timing, if a parent is aware of your financial issues, they may perceive the talk as you requesting money. This is exactly what you don't want to happen.

When discussing a living trust with your parents, be careful not to contradict their preferences. You should avoid asking "why?" even if you're intrigued and their wishes don't make sense to you.

This inquisitive query expresses skepticism of their judgment and may cause them to lose trust in you. Even if you don't mean to, keeping your curiosity in check could mean the difference between them thinking you're trying to help and thinking you're there to take their money.

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