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Talking with relatives regarding their estate plan


Many Kent area residents have aging parents. The baby boomer generation is getting older and with age comes estate planning issues. Children of older parents should have a conversation with their relatives to make sure their estate plan is up-to-date. Estate administration is an important part of a person's life and legacy.

Although it can be awkward for people to have a conversation with their parents about their estate plan it is critical that everything is in order. Having a conversation with parents about how their estate plan looks can be eye-opening for everyone. There are two things that children should find out about their parents estate plan. The first is if they have filled out the important documents. These documents include a will, healthcare directive and a durable financial power of attorney. The second important piece of information is if they have named a person to carry out their wishes. Children should know who that person is for when the time comes to look at the estate.

Estate planning can be a hard thing for people to talk about and to complete but it is very important. A person's heirs and other benefactors need to know their family member's wishes when they become incapacitated or pass away. A legal professional skilled in estate planning can help a family create an estate plan that works for them and their unique situation.

Every family is different and they have all have unique needs when it comes to estate planning. Parents and their children should have frank conversations about their estate plans and what their wishes are.

Source: The Motley Fool, "Awkward money situations: Do you have a will?," Dayana Yochim, June 14, 2015

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