Are you struggling to find the right gift for Mom that is both practical and loving? Well look no further than making sure your estate plan is in the best shape possible. Have you been putting off creating an estate plan or making important updates to your plan? Has your Mom been doing the same but you know there are things that need to be done?
Taking care of yourself is the best gift you can give to your Mom. Statistics and research shows it can also be a good example to parents and a conversation-starter about estate planning. According to recent research, only 32% of Americans have an estate plan, and the percentage of older adults who have an estate plan is in decline.
Younger generations have become more proactive about making estate plans, according to recent research. Millennials started estate planning earlier than Gen X or Boomers. Gen Z, or “Zoomers” are four times more likely than Baby Boomers to plan ahead and make a bucket list.
Younger generations can start the conversation about estate planning by making estate plans for themselves. Digitally literate generations can take the lead when it comes to digital assets or online forms that older generations might struggle to engage with.
Everyone over the age of 18 needs an estate plan. Even if you don’t have significant assets you need to make a plan for your healthcare proxy and power of attorney. Younger generations could be engaging more actively with estate planning because they came of age during the Pandemic, or had kids. When important life changes hit, such as having children or buying a home, getting a divorce, or getting married it’s important to make plans. When you have minor children, appointing a guardian secures peace of mind for yourself and your children’s loving grandparents, including your Mom.
You may also want to put your home in trust. The benefits of this are avoiding probate, asset protection, and ensuring smooth transition to future generations.
The more planning you do, the more you can be there for older generations to navigate the planning process. Even if your Mom already has an estate plan, your estate plan can harmonize with your parents’ estate plan and protect future generations, including grandchildren.
Even if you just sit down to have a conversation about your plans, there is no better gift you can give. Nothing is better than the gift of time. Spending time and attention on your estate planning and including your parents in the process shows them that you are there for them and want them to be engaged in your life. If they have not yet embarked on their own estate plan, you can help them make decisions and make sure everything is in place.
