5 quick inheritance conversation starters with your ageing parents

Have you ever tried talking about money with your parents? It is likely that the conversation has mostly been one-way traffic, where you were told to save, invest, and not splurge. But what about the other way round? Have you ever tried asking your parents how much savings they have, who their nominees are, or do they have any succession plans?

Now, talking about inheritance with your parents isn't as easy as it sounds. So how should you go about it? Read on to know five inheritance conversation starters you can try:

1. Talk about recent news

There is no dearth of inheritance, property, or finance-related news in India. Start talking to your parents with one such interesting news and eventually get them talking about how they plan to utilise their savings. Do they want to diversify, who are their nominees, and how can you contribute to their plans?

2. Talk about your finances

People in their mid-to-late-30s or early 40s are mostly financially sound with stable careers. You can start talking to your parents by asking for suggestions or discussing your portfolio. Once they feel comfortable, ask them what they have done with their savings.

3. Talk about 'what if' situations

What if they need money for an emergency? What if one of them falls ill suddenly? There can be so many unforeseen 'what ifs' in our lives, and one must be prepared. Ask them about their contingency plans and who is aware of them — a friend, a lawyer, or is it a financial advisor? Do they have a will or plan to write one?

4. Give references of relatives or friends

In case you know of a relative or friend who has already planned their succession by writing a will, point them out while starting the conversation. Tell your parents what a wonderful thing these people have done. An example is always the best way to convey a message.

5. Lead them to helpful platforms

Not many parents in their 60s or 70s are tech-savvy or aware of platforms where one can easily write a will. Advanced concepts like the Government of India's DigiLocker are also alien to most. Introduce your parents to such platforms and tell them how helpful these are.