No matter how well you and your family communicate, confronting the subjects of both death and money is complicated and is often a manner that is uncomfortable to talk about. As morbid as the thought may be, it is imperative that you sit down with your entire family and discuss what measures must be taken after the passing of the adults in the family. Discussing estate planning is crucial and can provide an array of benefits, including:
- Discussing the trying matter will help bring your family a sense of empowerment. Everyone will feel in control of the situation and each other’s future.
- Through these conversations, you will be able to better understand the values of your family members, bonding you together.
- Your family will be able to achieve a common understanding of how your family’s legacy will be carried out.
- You will all feel prepared in the event that anyone in the family becomes incapacitated.
- While this is probably the last conversation you want to have, it will allow every single member of your family to feel confident in your well thought out plan.
- Your family will be able to take advantage of the best tax strategies with careful planning.
How to Initiate the Conversation:
- Start by choosing a positive, comfortable environment for you to have your family conversation. Refrain from choosing a time of crisis or after Thanksgiving dinner. Choose a time of tranquility so that family members aren’t too emotional to finish the conversation.
- Make sure to be sincere about your intentions, so that plans are put into place and everyone can feel confident.
- Explain the various benefits of this conversation for every member of your family.
Contact Gaudy Law today and allow us to guide you through the process of successful estate planning conversations. We can help you determine the best way to approach this trying conversation.