Estate planning is a vital part of creating a plan of action for your untimely passing or inability to care for yourself. Creating a will and/or a trust is not good enough when it comes to preparing for your future. Instead, creating an estate plan allows you to plan for and organize your assets while appointing a person of your choosing to continue to organize and maintain your assets when you are no longer able to handle these things yourself or are not there to do so.
In the process of estate planning it is necessary to inform the people affected by your estate plan of your desires. It is important to discuss your desires with your children about the details of your wishes so that they are aware of what to expect. If your children are under the age of eighteen there should be a detailed discussion about guardianship. Appointing a guardian requires consent from the willing party as well. These people need to be conscious of your choices regarding their inheritance, financial expenses, funeral expenses, power of attorney, and more.
Discussing Your Estate Plan with Your Children
A discussion with your children about estate planning with your children helps to ensure that they are not surprised by the final plan. Sharing your plan of action becomes especially important if you are planning on treating the beneficiaries differently. Not only will this allow you to smooth out rising controversies, it will also help to give you their perspective on your decisions. A prime example occurs a lot during second marriages. When you are giving something substantial to your spouse, who is not the mother of your children, from an inheritance that they assume is theirs this will help to give them a head start to wrap their thinking around it.
When and How to Talk with Your Children
It is crucial to find an appropriate time to make your estate plan known to your children and other necessary family members. Make sure when you are discussing this matter that everyone involved in accounted for during this meeting. Appropriate timing usually doesn’t exit on family holidays, weddings, or birthday celebrations. What you will want to do is to schedule a meeting where you can all be gathered together to discuss your end of life plan specifically. Sometimes, when an estate plan is complicated, it is best to meet with your estate planning attorney so that they can help you explain any areas of concern or technicalities to your loved ones. When you are scheduling this meeting give participants an idea of what you are meeting about so that they have time to think about what to expect.
What to Talk About with Your Family
It is of the utmost importance for you to organize the points you want to discuss when talking to your family about the estate plan. Be sure to talk with your attorney to discuss in depth your estate plan. Understand the ins and outs before your meeting. Gather the information about your assets, liabilities, debts, insurance plans, bonds, investment securities, business plans (if applicable), and important contacts phone numbers.
Give them the opportunity to give their feedback to your plan; listen to their suggestions on making your estate plan better, if needed. This is also the perfect time to start discussing the need for your children to create their own estate plans to secure any future grandchildren’s futures as well. Death is inevitable, and it is better to be prepared in case of an untimely passing.
Estate planning is a necessary and advisable step in your life’s journey. You should consider planning for your end of life before your meet any calamity and are robbed of this opportunity. It will not only safeguard your family and your assets but will be a help to smoothen the life and misery of your loved ones when you will not be around to take care of them.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com. To contact the offices of Sean J Nichols, call 734.386.0224 today.