One of the first, and most important, steps of estate planning is talking to your spouse, children, grandchildren, and whoever else you plan to name as a beneficiary, about your intentions. They have a right to know what your end of life plans are, and by hearing these plans from you, as opposed to an attorney or executor that they do not know, they will have an easier time adjusting to major changes when you pass away. Furthermore, this way they can play a role in your estate plan too if that is something that you think you might want.
Mitigate Old Family Disputes
When you pass away, old disputes and arguments will inevitably arise between siblings or other family members that have a history of not getting along. For example, if you remarried and left behind a prized possession, such as a small catamaran, to your current spouse that he or she had no use for, and instead could have given that item to one of your adult children, it could end up causing a large argument and increase tensions between your loved ones after you are gone. Talking to your family members about this could have prevented it from occurring in the first place.
Talk About the Value of Your Estate
According to a recent survey, 40 percent of respondents said that they did not feel that their parent’s estate was distributed fairly. Whether having a discussion with your heirs about your living will or trust is something that could change your mind or not, it could change the minds of your heirs about what is and is not fair. Explaining your decisions may be all that is necessary for everyone to feel included.
Discussing the Value of Your Estate
It may, or may not, be beneficial to talk to your family about the value of your estate, to let them know who is getting what, so to reduce confusion later on and so that one family member does not feel left out when they, in fact, are being given an equal share of the estate. After all, money is the primary cause of stress in relationships. Talking about the value of your estate may have its benefits by getting out in front of the issue.
Call an Estate Planning Attorney Today
Communicating with your heirs about your estate decisions is an important step to take. To learn more about the estate planning basics, an estate planning lawyer in Chandler, AZ can answer all of your questions. If you would like to set up an estate plan or review an existing one, contact a law firm today to set up a confidential consultation.
Thanks to Citadel Law Firm for their insight into estate planning and communicating with your heirs.