Finances can be a tricky topic. Some people are more comfortable discussing money than others. But when it comes to your estate plan, it’s important your loved ones understand your wishes. A discussion to share your plans is the first step. We have some tips you can consider for broaching the conversation with your family.
Have the conversation early. It’s important to initiate the discussion about your estate plans with your family as soon as possible, because it will take more than one meeting to cover everything that goes into your plan, including a will, trusts, healthcare power of attorney, beneficiary designations and durable power of attorney. Unfortunately, we can’t predict what the future holds, but you’ll have confidence knowing that your family understands your wishes.
Take an empathetic approach. This may be an uncomfortable conversation for both you and your family, depending on how openly you’ve discussed money, health and future plans throughout the years. Everyone will have different emotions about what discussing estate planning means, so it’s wise to schedule the conversation instead of springing it on your family. This will give them the opportunity to process their feelings, jot down some questions and feel prepared for the meeting.
Involve neutral parties. You may want to wait to bring in third parties until you’re further along in the discussion. It makes sense once you’re ready to go over the details more closely – after the initial, more intimate conversation with your family. It’s a good idea for your estate planning professionals, such as an estate lawyer and your financial advisor, to meet your executors and heirs as well. If you fear feelings might get intense in the event of a sensitive topic, like unequal inheritance, a neutral party might avert any escalation.
Follow up with instructions. After you’ve reviewed the estate plan with family and introduced them to your team of professionals, be sure to follow up with written documentation. Contain all paperwork in a binder or folder, including the power of attorney, will, trusts, account information, insurance providers, lines of credit, birth certificate, Social Security number, marriage certificate, and so on. Your family will appreciate having everything at their fingertips when they need to step in.
We hope that you find comfort in knowing we are here to support you in your estate planning needs, including facilitating conversations with your loved ones. We have additional resources to guide you that we can share. And we would welcome a conversation to answer any questions you may have. We hope to hear from you!
[Sources]
npr.org; legalzoom.com; mentalhealthandaging.com; principal.com;
