{"id":3329,"date":"2025-03-28T10:23:42","date_gmt":"2025-03-28T14:23:42","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insightshow-to-talk-to-your-parents-about-their-estate-plan\/"},"modified":"2025-03-28T10:23:43","modified_gmt":"2025-03-28T14:23:43","slug":"how-to-talk-to-your-parents-about-their-estate-plan","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/how-to-talk-to-your-parents-about-their-estate-plan","title":{"rendered":"How to talk to your parents about their estate plan"},"content":{"rendered":"\n

For those with aging parents, financial missteps<\/a> or age-related health concerns may prompt you to wonder whether they have an estate plan in place. It\u2019s not uncommon for older adults to neglect to share details about their estates or their estate plans with their adult children. Unfortunately, that lack of communication often results in family strife later on, as well as an inability for heirs to be sure they are fulfilling their parents\u2019 wishes.<\/p>\n\n\n\n

\u201cThe best way to diffuse potential family discord is to talk through all these things beforehand,\u201d says Cyndy Ranzau, a wealth strategist at RBC Wealth Management\u2013U.S.<\/p>\n\n\n\n

While it may seem awkward or even self-serving to attempt a conversation with your parents about their estate plans, starting that dialogue is the only way you\u2014and they\u2014can be sure their wishes for their health and assets will be fulfilled.<\/p>\n\n\n\n

Put your parents at the heart of the discussion<\/h2>\n\n\n\n

You may be curious about your parents\u2019 estate plans for many reasons, and those reasons are likely valid. But if you want to get your parents talking, you\u2019ll need to approach the conversation with a focus on their point of view.<\/p>\n\n\n\n

\u201cAs people age, there are generally two things that are really important to them: control and legacy,\u201d says Angie O\u2019Leary<\/a>, head of Wealth Planning at RBC Wealth Management\u2013U.S. \u201cThey want to feel they\u2019re still in control of their world, and they want to feel that they\u2019re leaving the legacy they hoped they would.\u201d<\/p>\n\n\n\n

With this in mind, O\u2019Leary recommends starting the conversation from the legacy perspective. You might comment on how much your parents have worked and saved throughout their lives, and ask what they\u2019d most like to do with their wealth. \u201cDon\u2019t preach to them; instead, focus on finding out what\u2019s important to them,\u201d she says. \u201cIt may be their grandchildren\u2019s education, philanthropy, making sure family members take a vacation together every year, or that the family\u2019s second home is maintained.\u201d<\/p>\n\n\n\n

By understanding what your parents value most, you and other heirs will be better equipped to use any potential inheritance in a way that would make them happy. This approach will also enable you to move from talking about what your parents value to discussing whether they\u2019ve taken the necessary steps to make sure those values will be honored with their estate.<\/p>\n\n\n\n

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Plan now, relax later<\/em><\/strong><\/h4>\n\n\n\n

Have the guidance you need to navigate your future\u2014and your family’s future\u2014confidently.<\/p>\n\n\n\n

\nFind a financial advisor<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

Key questions to ask<\/h2>\n\n\n\n

When your parents start talking about their estate plans, there are a few important <\/span>elements that you should be sure to ask about:<\/p>\n\n\n\n