Estate Planning: A Family Affair?

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For many families, discussing financial matters ranges from being merely uncomfortable to being a taboo subject. Estate planning largely has to do with financial affairs, and with the added element of dealing with death, it becomes another topic that makes most people squirm. The result is that often, estate planning is a topic thats just not discussed and this lack of communication can lead to misunderstandings, hurt feelings, and even lawsuits.

If you have adult children, it may be a good idea to let them in on at least the general terms of your estate plan. Especially if your assets arent being divided equally, sometimes an explanation of the reasoning that went into your decision can save your kids years of conflict and negative feelings. If your children know what to expect in terms of who will serve as executor, what property goes to whom, and whom youve appointed to make decisions for you if you become incapacitated, the process of settling your estate may be much smoother.

How you talk to your kids about your estate plan depends on the dynamics within your family. For some people, the best method is to have a family meeting and involve everyone at the same time. In other families, the best option is for the parents to talk to their children one-on-one, in private. Regardless of how you do it, just having the discussion can be an essential step in the estate planning process.

If youre concerned about your parents estate plan, the conversation may be a little trickier to start. It may be that you dont want to be seen as greedy, or that youve noticed a mental decline in your mom or dad, but you dont know how to bring it up.

There are lots of ways to start a discussion with your parents about their estate plan. One of the easiest conversation starters may be to open up about your own plan. Another strategy is to let your mom or dad know about another family whose failure to plan resulted in financial, legal, or emotional difficulty.

Once the lines of communication are open, youll want to make sure that your parents have a Will or living trust and that they have an incapacity plan in place in case they become unable to take care of themselves as they age. If theres not an adequate plan in place, youll want to encourage your parents to meet with an estate planning attorney while they still have the legal capacity to put all the required documents in place. If theres any question of legal capacity, a good estate planning attorney will guide you and your parents on what steps you should take.

About the Author:
Cheryl David is a leading provider of expert estate planning guidance in Greensboro, NC. For more information on estate planning and other estate planning services, visit our website.



Article Originally Published On: http://www.articlesnatch.com


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