You’re not the only one impacted by your estate plan; in fact, estate plans are really put into place to benefit and protect other people, usually the ones we care about most. As such, an important part of the estate planning process is open communication with those who are impacted by the plan.
With the holiday season approaching, many families will be gathered together for fellowship and celebration. This is often a good time to broach the topic of your estate planning, simply letting your loved ones know what your plan contains and how it might impact them. This gives them peace of mind that you’re thinking about these important matters, and keeps them from being blindsided when you die and your estate is administered.
Of course, talking about estate plans can be a little uncomfortable; financial discussions are often awkward, and nobody likes talking about mortality. The best approach, then, is to simply hit on some of the basic, factual points of your estate plan. These points might include:
- What’s in the will?
- Who has been appointed to make healthcare decisions or financial decisions in the event of incapacitation?
- If you still have minor children, who has been appointed as guardians?
- Who will be involved with the administration of your estate?
You can get deeper into some of the specifics if you wish—assets, liabilities, beneficiaries. You might also wish to disclose which law firm you’ve used to help with your estate planning, should your loved ones have any additional or follow-up questions.
The most important thing is just to get talking. It’s not always the most pleasant topic, but it is really important. Be open and honest with the people impacted by your estate planning efforts. Now is as good a time as any.
Learn more about estate planning from Singh Law Firm.