How to Talk to Your Family About Your Estate Plan
For both parents and adult children, confronting the prospect of each other’s deaths can be uncomfortable. Although it’s a difficult conversation, privacy and fully understanding someone’s wishes are essential among close family members. It is essential to have an uncomfortable conversation about estate planning sooner rather than later so everyone in the family is on the same page. The month of June is considered National Family Month, so plan a family bbq or private dinner and invite those who should be aware of your estate plan and your personal wishes. Since we know that this is a difficult conversation to start, we are providing tips on how to talk to your family about your estate plan.
Why the Estate Plan Conversation is Important
Having a conversation about your estate plan is important because it reduces the chances of confusion upon your death. The more members of your family who are in the know will reduce the risk that a family fight occurs after you have died regarding how to handle your funeral, who receives which assets, and who can make decisions on your behalf.
When and if you have questions about estate planning, talk to an estate planning attorney from Smith Taire Legal today.
How to Start the Estate Plan Conversation
When you determine it is time to have this important discussion with your family, you want to make sure everyone who is named in the legal documents is included. You should have the following people present at the discussion:
Spouse
Children
Siblings
Parents
Anyone else named in your will
Do not surprise your family members with this conversation. Inform them ahead of time what will be discussed so they are not shocked or upset. Make sure you are as forthright and transparent as possible about your wishes and where assets will go upon your death. Leave no stone unturned and no confusion among family members.
The Key Points to Discuss With Your Family
There is a lot of information that should be discussed with family members when you have this important conversation about your estate plan. Some of the key points include the following:
End-of-life wishes
Family assets, values, and traditions
Roles of each family member
Funeral wishes
Take advantage of tax strategies and gift planning
If there is a family trust in place of a will
Why Estate Planning is Important
Estate planning is an important part of life because it ensures that your wishes are carried out to the letter after you die. When you have an estate plan in place, you leave no questions about your funeral, care, or how your assets will be distributed.
Avoid Probate
One of the biggest advantages of estate planning is that you can avoid probate by doing so. When you die without a will, your estate has to go through probate, which can take more than a year to resolve. This means that your assets will not be accessible by any family members until probate is complete.
Prevent Fighting in Your Family
Another benefit of estate planning is that you will prevent fighting in your family. When your wishes are clearly defined, there is no room for your adult children to fight over who gets which asset.
Have Peace of Mind
Peace of mind can go a long way in reducing your stress levels once you put an estate plan in place. A comprehensive estate plan removes all doubt in your mind about how things will be handled once you die, giving you peace of mind in your later years.
Talk to a Georgia Estate Planning Attorney Today
If you need assistance creating or revising your estate planning documents, Jammie Taire and the Smith Taire Legal team can help. We educate our clients on their estate planning options and make sure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia estate planning attorney.