SHOULD I DISCUSS ESTATE PLANNING WITH MY FAMILY?
May 11, 2020
Making your estate plans is a difficult concept to begin with. Thinking about whether you should talk about your designations with your family may make you feel uneasy.
However, the time to have this discussion is now. According to Forbes, here are some ideas for conversations about estate planning.
Whether you have one beneficiary or many, spelling out your intentions while you are still in good physical and mental health gives you the opportunity to clarify why you are making specific choices or allocations. While it is not necessary to explain yourself to anyone, being upfront and getting your loved ones to a place of understanding minimizes hurt feelings after you are gone. You may even learn that a certain piece of property or a possession means way more to one of your children than another, and can structure your plans accordingly.
A major decision when doing your estate planning is deciding who is going to fulfill certain responsibilities for you. These might include:
- Medical Power of Attorney
- Financial Power of Attorney
- Guardian for any minor children you might have
Find out who is willing and able to take on these duties. It is up to you and your loved ones whether you assign those roles to the same person or to different people. Whomever you choose should be well informed of your wishes, even if you have memorialized those decisions in documents. For example, despite the fact that your Medical Power Of Attorney is going to be in possession of any advanced directives you may have, you should also explain your desires. This way, should there be any ambiguity in the paperwork, your Power of Attorney is able to clarify what you actually want.