Estate planning is a valuable exercise at just about any stage of life, but an often-overlooked aspect of planning has to do with communicating the results to those impacted in the future. Failing to communicate your plans reduces the chances of having family members with difficult questions or unresolved conflicts down the road. Even families with strong communicating skills may falter when it comes to estate planning, because it’s difficult to discuss mortality and finances alone, much less together.
If you’re stuck about how to bring up the subject, try doing a practice round first. Trying to anticipate potential questions might make you feel less in the hot seat when the conversation rolls around. A comfortable environment can go a long way towards putting family members at ease. Everyone who is involved in the conversation should be treated like a partner and should be given the opportunity to both speak and listen actively.
Working with an adviser in advance can also help you work through possible questions and answers regarding your selected estate plan. You may even want to have your adviser explain tricky concepts to family members, if necessary. Get started today by reaching out to us at email@example.com.