Communicating your estate plan with your loved ones can preserve family relationships after you pass away.
You may not want to share details like your net worth or who is getting what, but you should consider talking about how your assets will be divided, why you chose to divide them that way, and where your important information is stored so your family knows how to find it when the time comes.
Topics to cover when communicating your estate plan with your loved ones:
- Who you have appointed as your decision maker in the event you become incapacitated
- Who you have appointed as your executor or trustee of your estate upon your death
- Long-term care plans
- Do you plan to live with or be cared for by one of your children?
- How do you intend to pay for nursing home care if you were to need that?
Some of these issues need to be discussed prior to communicating your estate plan with your loved ones. For example, if you’d like a loved one to be your decision maker if you become incapacitated or to be the executor or trustee, you should have a conversation with them to ensure they’re willing to take on the responsibility. This is not something to surprise them with. Likewise, if you envision living with or being cared for by one of your children, they’ll need to be in agreement.
Need help? This article features six ways to avoid family fights over your property. Spoiler alert: One of them is communicating your estate plan with loved ones
For more estate planning information, contact us at 419-872-7670 or request an appointment through our website.