How to Talk to Your Parents About Estate Planning anchor wealth management lanark

It can seem weird when, as a child, you are advising your parents. However, as your parents age, they come to depend upon you more to help them with things such as shoveling the driveway, picking up their prescription medications, and more. One topic that you might have to broach with your parents is estate planning. Let’s face it, no one likes to talk about their death, yet it’s a fact of life that we all have to face. Estate planning is where you plan what happens after your death, from funeral arrangements to who gets all of your belongings. It can be a touchy subject — and one your parents want to avoid — because it does involve the two most dreaded topics, death and money.

The financial advisors at Anchor Wealth Management offer comprehensive financial planning services, including estate planning. Our mission is to help you reach your financial goals, both in the short-term and in the long-term. Each of our financial plans is custom tailored to you. From investment planning to long-term care, our investments advisors can help you chart a course to your goals. Below, we’ll take a look at some tips on how to talk to your parents about estate planning. Contact either our Lanark or Rockford office today!


Expect an On-going Conversation

Since estate planning is a delicate topic and one that does involve a lot of decisions, you should expect that talking to your parents about estate planning will be an on-going conversation you’ll be having. As long as there is progress being made, you should not be in a rush to make decisions. By partnering with a financial planner who specializes in estate planning, they can help ensure you are asking the right questions, give you all of your options, and give you steps you can take to put the estate plan into place.

The Sooner the Better

Many people procrastinate speaking about estate planning until their health is failing and the need is imminent. The problem then becomes that people may tend to make rasher decisions than they would otherwise due to their health, or they may no longer be able to mentally make these types of decisions. One never knows what can happen, so being prepared with proper estate planning is the best course of action. Our financial advisors at Anchor Wealth Management can help get the conversation going and moving forward as well. Contact us today!

Get Professional Advice

Sometimes it helps to get professional advice when trying to talk to your parents about an estate plan. Professionals can answer all of your parents’ questions about the entire estate planning process, as well as help advise them. Plus, your parents may be more comfortable discussing these issues with a third-party, rather than their children.

Professionals are also better able to elucidate the benefits of an estate plan, which include:

  • Ensuring your belongings and assets go to whom you want them to go to
  • To provide for your family after you pass
  • To help minimize the amount of taxes you will owe
  • To leave money to your favorite charities
  • To make it easier on your family after your death
  • To ensure your minor children are taken care of
  • To plan for any inability to make life or death decisions should you become incapacitated
  • And many more

As you can see, there are many pieces to the puzzle of estate planning, as well as many legalities. Speaking with an expert in estate planning can ensure your estate plan is rock solid and that nothing important is forgotten.


Financial planning goes hand-in-hand with estate planning. As you age, your financial plan will naturally turn into your estate plan. However, having both in mind makes this transition seamless.

The financial advisors at Anchor Wealth Management have years of experience in helping others form comprehensive financial plans that help them meet their short-term and long-term goals, including estate planning goals. Whether you are hoping to take a vacation next summer or you are saving to put your children through college, we can help. Our financial advisors get to know each of our clients. We can explain what your investments are currently and then make recommendations based on your individual goals. Once the steps have been put in place, we monitor your financial plan, making adjustments as need be as your circumstances change, or we feel you need to pivot. Our mission is to partner with you to ensure you receive the highest rate of return on your investments in the safest manner.

Anchor Wealth Management offers two locations to serve you, one in Lanark and one in Rockford. Give us a call today!