Discussing Your Estate Planning with Loved Ones
Discussing Your Estate Planning at the end of the year is a great opportunity not only to take steps to make sure your own estate plan is in place but also to talk to your loved ones, especially elderly parents or relatives, about creating an estate plan. Estate planning is often difficult and sensitive because it brings the unpleasant topics of aging and death to the forefront of our minds. Although these topics may be uncomfortable, we always want to ensure that a plan is set to avoid the hardships of going to probate, or possibly worse, family arguments and discord, which bring much more stress after a loved one’s passing. To help you we set out some suggestions below.
Tips For Talking About Estate Planning with Your Family
- Be sensitive to your loved ones’ feelings. Put yourself in their shoes and keep in mind that few people are eager to dwell about their own death. One way to begin the conversation is to talk first about your family member’s circumstances, for instance, to plan for an illness and to provide instructions in the event they become too ill to communicate with doctors or handle financial matters for themselves. The conversation can then progress naturally to the importance of having an estate plan that will transfer their money and property in the way that they wish, provide for the care of any dependents or pets, and minimize any taxes, court costs, and legal fees. Communicate that you are not trying to control their decisions but only want to encourage their wishes to be heard and written regarding their medical care, personal property and real property. Help them understand the main goal of estate planning to ensure they know their wishes will be fulfilled.
- Involve others in the conversation. Think of issues and topics on estate planning for your family. If you are planning to speak to your parents about the need for an estate plan, try to include any siblings in the discussion to avoid giving the impression that you are attempting to influence or control your parents’ choices. You and your siblings should emphasize to your parents that none of you are asking about what you will inherit, but rather just want to make sure that their wishes are carried out if they become ill or pass away.
- Organization is key. Pulling together bank records, life insurance policies, investment accounts, deeds, and other asset related documents in a way that they can be easily found and understood is a crucial task when someone is incapacitated or passes away. Sharing with family members how each of you have organized your important records will help tremendously when the difficult day comes.
- Consult a professional. An experienced estate planning attorney can help you and your loved ones create an estate plan tailored to meet each of your unique needs and carry out your wishes, or they can assist with updating an existing estate plan. Document preparers and financial advisors cannot give legal advice and are merely providing forms that are often not correct for your situation.
In conclusion, an experienced estate planning attorney in your area, like Margaret, can help you and your loved ones create an estate plan catered to meet each of your unique needs and carry out your wishes; or our firm can assist with updating an existing estate plan. We provide each person with guidance and information about the options available. Further, we help each client put a plan in place that is tailored to them, preventing unnecessary stress, legal expenses, and taxes, as well as thinking ahead to avoid disputes among loved ones. The guidance and care we offer will give you and your loved ones the peace of mind that comes with knowing that plans are in place for you if you become ill; and you can feel confident that your wishes will be clear when you pass away.
Feel free to reach out with questions or concerns.
