Have you explained your planning to your family? Will they understand how your plan will work and what they may need to do if you become ill or when you die? Will they wonder why you made certain decisions?
The Key Takeaways
• Having a well-run family meeting in which your plans are explained will help prevent misunderstandings and confusion in the future. This is an important benefit of executing a comprehensive plan in the first place.
• Ask your estate planning attorney and financial advisor to participate. They will be able to explain how your plan works and why key decisions were made. They will be able to answer family members’ questions on the spot. Also, it helps to introduce your advisory team to family members now so they will be more comfortable working together in your absence.
• Open discussion is important, but having an agenda will help keep the meeting on track.
Setting the Agenda
The agenda for the meeting should cover your objectives, purposes, plans and expected outcomes. Make a list of the topics you want to cover. Otherwise, you may forget something important if the meeting becomes emotional. No specific financial information or values of assets needs to be disclosed at this time. This meeting should be a general explanation of what you have planned and why. The purpose is to prepare family members for what they can expect and may need to do if you become disabled or die. Allow for and encourage questions and discussion.
What You Need to Know
Expect there to be some anxiety as the meeting begins, because these are often sensitive issues. You may find additional challenges if you have a blended family. Or there may be a child that you do not feel is financially ready to handle an inheritance. Putting these issues out in the open can be difficult at first, but it often leads to greater understanding and acceptance.
If you would like more information about estate planning, please call our office.