You don’t need to explain your estate planning decisions to your family, but it can help to discuss your wishes with them. This can reduce the chances of conflicts in the future, especially if you have distributed inheritance unequally.
But how can you hold such a sensitive conversation?
Here are three tips to help you:
Be prepared
Although you should not take too long to talk to your family about your wishes, it’s crucial to be well-prepared before initiating the conversation. It can be beneficial to have already chosen a personal representative, health care agent, power of attorney and so on.
Further, have a list of your assets to help your family understand the extent of your wealth. Accordingly, they can prepare as well. You don’t want your kids to be overwhelmed with their inheritance.
Choose the right place and time
Choosing the right place and time to discuss estate planning with your family is vital, as it can help when they are comfortable. Discussing the matter at your family home when everyone is relaxed can be a suitable option.
Introduce complex topics with subsequent meetings
During the first discussion, you can let your family know that you have started estate planning and have already named key parties. You can also inform them how they have been a big part of your legacy and how you would wish it to continue.
Complicated topics, such as numbers, business succession or why one of the beneficiaries will receive more assets can be introduced in subsequent discussions.
Having ongoing conversations with your family can help your estate plan achieve your goals. You should also consider legal guidance to create an estate plan that will protect your loved ones.