Topics such as death and finances can become touchy subjects, especially where parents and their children are involved. Most people like to keep their financial details secret.
Having good conversations with family members is essential when doing estate planning. You can then work out who will be best suited to look after your financial affairs once you’re gone.
With the correct planning, you can make sure your family’s needs are well looked after once you’re dead. It’s best to plan this with a good financial advisor or estate planning lawyer.
Dialogue Is important
It’s essential to have these discussions with your family to make sure all of your needs are taken care of. Your family will know what your needs are not only when you are gone but if you become incapacitated. You can plan and make sure each family member will be looked after.
Good dialogue can also reveal whether grandchildren might need finances for such things as a university or school expenses. Conversations can also help with estate planning to pay less inheritance tax.¹
A Few Suggestions on How to Start the Conversation:
- Set a date and time in a familiar environment to have this vital family meeting.
- Make sure everyone knows what you’re wanting and why you’re doing this.
- Show your family the benefits of good estate planning.
Estate planning is a clearly defined plan that sets out your wishes when you die. It will help your executor to carry out your wishes and help your loved ones carry out your final requests.
The sooner, the better, it’s better to plan your estate now. This way, your assets will be distributed to your beneficiaries instead of having the state decide who gets what.
A will is a legal document that you need to draw up to lay out what your beneficiaries will get and what your final wishes are. Estate planning is the plan you create before you draw up your will.
The main benefit is you can avoid paying inheritance tax.
Estate planning conversations are something all of us have to do. It’s essential to look at your financial affairs and carefully plan out how you want your assets to be distributed when you die. Estate planning can help ensure the needs of your family will be looked after when you are gone.