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Tips for Estate Planning Conversations

Conversations Around Estate Planning Are Important

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.

Common Questions

What Is Meant by Estate Planning?
When Should You Do Estate Planning?
What Is the Difference Between Will & Estate Planning?
What Are the Advantages of Estate Planning?

In Conclusion

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. 

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