Talking to your parents about estate planning can feel uncomfortable, but it’s one of the most important conversations you can have as a family. Estate planning isn’t just about dividing assets after someone passes away; it’s about ensuring their wishes are honored, reducing family stress and protecting what they’ve worked so hard for. Whether your parents are nearing retirement or simply planning ahead, understanding their estate plan can help you avoid confusion and conflict down the road.

If you’re not sure where to start, here are some important questions to ask your parents about their estate planning—and why they matter.

 

Why Estate Planning Conversations Matter

Estate planning gives your parents control over how their assets will be managed and distributed. It includes legal documents such as will, trusts, healthcare directives and power of attorney forms. Without an estate plan, the state decides how assets are divided, often leading to delays, legal fees and family disagreements. Having a will or trust can save time, money and stress for everyone involved.

Our estate planning services let you create your own will or trust, and as a Partner Colorado member, you’ll get exclusive pricing with affordable options.

Approach the conversation with compassion and respect. The goal isn’t to pry—it’s to help your family prepare for the future with confidence.

 

Do You Have a Will or Trust in Place?

This is the foundation of any estate plan. A will outlines how your parents want their assets distributed, who should care for any dependents and who will act as the executor of their estate. A trust, on the other hand, can help avoid probate, which is a court-supervised legal process for validating and distributing assets. A trust helps keep the details of their estate private.

Ask your parents:
• When was your will or trust last updated?
• Who is named as the executor or trustee?

Encourage your parents to review their documents every few years, especially if they’ve experienced major life changes such as a move, new marriage, divorce or the birth of grandchildren.

 

Do You Have a Power of Attorney and Healthcare Directive?

Estate planning isn’t just about what happens after someone passes away—it’s also about what happens if they can’t make decisions for themselves.

A durable power of attorney gives a trusted person the authority to make financial or legal decisions if your parents become incapacitated. A healthcare directive or living will specifies their wishes for medical treatment, life support or end-of-life care.

Ask your parents:
• Who is your power of attorney?
• Do you have a healthcare directive or living will?

Knowing your parents’ choices in advance can prevent confusion or emotional decision-making during medical emergencies.

 

What Assets Are Included in Your Estate Plan?

It’s helpful to understand what assets your parents have and how they’re titled. This includes the following.

• Real estate
• Bank accounts
• Investment or retirement accounts
• Insurance policies
• Vehicles or valuable personal items

Ask your parents:
• Are all assets titled correctly and updated with current beneficiaries?
• Do you have accounts with payable-on-death (POD) or transfer-on-death (TOD) designations?
• Are there any digital assets (like online accounts, crypto wallets or passwords) that need to be managed?

Understanding what’s included in their estate helps ensure nothing is overlooked and assets are distributed according to their wishes.

 

Who Are the Beneficiaries on Your Accounts?

Beneficiary designations often override what’s written in a will or trust. That means if your parents have outdated beneficiaries on their life insurance or retirement accounts, those funds could go to the wrong person.

Ask your parents:
• Have you reviewed your beneficiary designations recently?
• Are your beneficiaries listed correctly on your bank, investment and insurance accounts?
• Do any of your accounts need to be updated to reflect current wishes?

Encouraging your parents to review and update beneficiaries ensures their estate plan works as intended.

 

Do You Have Life Insurance?

Life insurance is a critical part of estate planning, especially if your parents have dependents, debt or want to leave a legacy. It can provide financial support for funeral expenses, remaining debts or future family needs.

Ask your parents:
• Do you have an active life insurance policy?
• Which insurance company is the policy with?
• Who is the policy’s beneficiary?

If they don’t currently have life insurance, this could be a good time to discuss whether it might fit their financial goals and help protect loved ones.

 

What Are Your Wishes for Funeral or Memorial Arrangements?

This can be one of the hardest topics to bring up, but it’s also one of the most helpful. Knowing your parents’ preferences ahead of time can ease emotional and financial stress when the time comes.

Ask your parents:
• Do you have a plan or preferences for funeral or memorial services?
• Have you made any prepayments or arrangements?

Having this discussion ensures their final wishes are respected and allows family members to focus on supporting one another instead of making difficult decisions in the moment.

 

Who Are the Key People Involved in Your Estate Plan?

Make sure you know who to contact when the time comes. Your parents’ estate plan may involve professionals like the following.

• An attorney
• A financial advisor
• An accountant
• An insurance agent
• The executor or trustee

Ask your parents:
• Who should we contact regarding your estate?
• Do you have a list of professional advisors and their contact information?
• Is your executor or trustee aware of their responsibilities?

This information can help everything run smoothly and avoid delays or miscommunication.

 

Where Are Your Important Documents Stored?

Even the best estate plan is useless if no one knows where to find it. Make sure your parents have all important documents stored safely in a place that’s easy to access when needed.

Ask your parents:
• Where do you keep your will, trust and power of attorney documents?
• Do you have a list of account passwords or access instructions?
• Have you shared this information with the executor or trustee?

Encourage them to keep originals in a fireproof safe or with their attorney and provide copies or digital access to trusted family members.

 

Have You Considered Tax Implications?

Estate taxes and inheritance laws vary by state. If your parents have significant assets, they may want to talk to a financial advisor or estate attorney to minimize taxes for their beneficiaries.

Ask your parents:
• Have you discussed tax planning strategies with your financial advisor?
• Do you have any charitable giving plans that could reduce taxes?
• Would you like help reviewing your plan for potential tax savings?

Even modest estates can benefit from some basic tax planning, especially when it comes to retirement accounts or real estate.

 

How Can We Support You Going Forward?

Finally, end the conversation by offering support. Estate planning is an ongoing process—not a one-time task. Let your parents know you’re available to help them stay organized, update documents or attend meetings with financial professionals.

Ask your parents:
• How can I help you keep your estate plan updated?
• Would you like me to attend a meeting with your financial advisor or attorney?
• Do you need help organizing paperwork or setting reminders for reviews?

This shows you’re not just curious about their finances—you’re invested in helping them protect their legacy and peace of mind.

Estate planning is one of the greatest gifts your parents can give your family. By having these conversations now, you’ll help ensure their wishes are honored, their assets are protected and everyone knows what to expect. It’s not always an easy topic, but it’s one that brings families closer through transparency and trust.

We understand that financial planning isn’t just about today—it’s about building security for generations to come. Whether you’re helping your parents prepare or reviewing your own estate plan, our team can connect you with resources and tools to help you plan with confidence. Ask us about our estate planning services today.