How To Talk To Your Parents About Estate Planning?

No one ever wants to imagine a day where your parents are no more. It is one of the ugly parts of growing up and old. At the same time, you might wonder if they have an estate plan in place. It is the best way to diffuse tension within siblings and other family members after their demise. However, the first step towards talking to your parents about estate planning in Brampton is learning all about estate planning. 

In Ontario, an estate plan helps you to manage and distribute your assets upon your death. It is not just limited to monetary wealth and extends to jewellery, art pieces, and any sentimental objects you own. During estate planning, you may also want to appoint Powers of Attorney for Property and Personal Care. They take on the legal responsibility of making decisions on your behalf if you become incapacitated. Without a will, the Succession Law Reform Act dictates how your estate will be divided, which may or may not align with your choices. 

When helping your parents with estate planning, make sure the will meets Ontario’s Estate Administration Tax laws. For the very same reason , it’s sometimes smart to set up a trust, which protects their assets and controls how they’re used after your parents pass away. 

Do not insert estate planning talk during a family get together or when things are stressed. Instead, find a quiet moment when you can have a one-on-one conversation. Make sure that they understand your intention of looking out for them. Do not give them any tips on how to divide their assets as that must be their independent choice. 

Ask them what they want to happen with their home, investments, or treasured possessions. Sometimes, parents need help with major issues like estate planning but may feel awkward asking for help. 

Talk to them in simple words how an estate plan ensures their wishes are carried out and can save the family from disputes later. In Ontario, if someone dies without a will, the estate is distributed according to the Succession Law Reform Act , which takes away their agency. 

Many parents might fear that talking about estate planning means they’re giving up control or admitting they won’t be around forever. Reassure them that estate planning is about empowerment, not surrender. The sooner they start planning, the more time they’ll have to enjoy life’s other joys without worrying about what comes next.

In Ontario, when creating an estate plan, your parents might also want to include a Power of Attorney (POA) for property and personal care, and possibly a living will. If they become incapacitated, they’ll have someone to manage their affairs according to their wishes. 

For estate and will planning in Brampton, they would need a family lawyer and an estate lawyer that can introduce them to Ontario’s estate laws. Pick lawyers that have worked with parents your age, so they can simplify legal jargons in a way they understand and not feel overwhelmed. You may not want to visit the lawyer’s office as a way to respect their privacy, but if they insist, make time for it and ask the right questions. 

Even if you disagree with some of their decisions, respect their autonomy. Your goal should be to make them feel comfortable and confident about their choices. Do not ask them about the assets you’ll be inheriting and that you want more. 

Estate planning is an ongoing process, which requires revisiting as and when circumstances change. Encourage your parents to review their estate plan from time to time after major life events including the birth of a grandchild or sale of a major asset.

Our family lawyers at Sterling Law specialise in estate planning and are happy to help you get started. Please feel free to reach out for a free first consultation (15 minutes only).

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