Estate planning is an essential part of securing your financial future and protecting your loved ones. Yet, 56% of Americans still don’t have any type of estate plan: no will, trust, power of attorney, or healthcare directive.

If that figure includes your parent(s) and you want to help guide them through the process, join Heath Grossman, CFP® as he shares practical steps you can take in this week’s Money Wisdom Question Series.

1. Start the Conversation

You may need to take a gentle approach when bringing up the topic of estate planning with your parents. First, focus on the benefits of having a plan. This may include simplifying probate, minimizing taxes, and clearly stating and adhering to their wishes.

Next, emphasize that estate planning does not have to be overly complex. They may be picturing a huge conference room full of attorneys asking complicated questions. But you can reassure them it will be a straightforward and manageable process.

2. Contact a Professional

Working with a competent, experienced estate planning attorney is in the best favor of you and your parents. While many attorneys handle a wide range of legal matters, find someone who focuses primarily on estate planning. Their specialized experience can make a significant difference throughout the planning process.

3. Organize Essential Documents

Once you’ve gotten your parents on board with the idea of estate planning, help them gather and prepare their affairs. This may include finding financial statements, insurance policy information, property titles, and other important records. Organize these essential documents prior to the meeting with an estate planning attorney.

4. Focus on Creating the Basic Components of Their Plan

Once those elements are in place, focus on creating the basic components of their plan. This typically includes a will, a durable power of attorney, and a healthcare directive. These legal documents ensure that others handle their assets, values, and key decisions in accordance with their wishes. In some cases, a trust may also be appropriate, depending on their specific needs and family situation.

5. Provide Support Along the Way

One substantial way to provide support is to offer to attend the estate planning attorney meetings with them. You can serve as an extra set of ears, take notes, and keep things organized along the way. That kind of support can be incredibly valuable and reassuring, especially during such a critical step in your parents’ retirement journey.