A large part of estate planning involves the distribution of assets upon an individual becoming incapacitated. Conversations around this topic can be uncomfortable for the family. While many parents do inform their adult children of their final wishes, many children are still left none the wiser.
Conversations around estate planning can be tricky but they are also beneficial for everyone involved. Outlined below are a few key reasons why.
Communication prevents disputes
If you’re open and honest about your final wishes before drafting legal documents, it means that family members avoid any potentially unpleasant surprises. For instance, you may feel that one family member needs a little more help financially than someone who is more secure in that sense. Without an explanation, this may be interpreted as showing favoritism.
Without talking about it first, the chances of your will being contested are much higher should someone feel aggrieved. Ultimately, this can delay the distribution of your assets or even result in your final wishes not being honored as you would have liked.
Leading by example
Your adult children are grown up now and may have children of their own. However, they haven’t yet put contingency plans in place should something happen to them. By learning from you and following your example, your family may be encouraged to take steps to draft their own estate plan. This will offer further stability to the grandchildren that you cherish so much.
Taking on estate planning by yourself can be intimidating, which is why it’s so important to communicate with your family about it. You’ll also find seeking some legal guidance to be of great benefit.