You might have had estate planning on your to do list for a while now. Somehow, estate planning is one of those things many of us intend to do, but keep putting it off. This can be for a variety of reasons, but one of the more common reasons is the fact that estate planning can involve confronting some difficult topics. After all, estate planning is very much about planning for what happens after you die and for what happens should you become incapacitated. These are not necessarily topics people like to discuss. They are, however, important topics to confront and discuss. Here, we’ll take a look at some of the important estate planning conversations you should stop avoiding and start having.
Don’t Avoid These Important Estate Planning Conversations
It is important for your family and loved ones to understand and acknowledge your plans for the future. This is true for several reasons. For starters, it helps everyone manage their expectations. There are few things that can spell legal complications and torn relationships like a family member who was expecting an inheritance that did not end up happening. This type of situation is rife with ill will and can be destructive on a number of levels.
It is also important for your loved ones to understand and acknowledge your plans for the future as some of them may be called on to step up to roles of responsibility in your estate plan. For instance, one may become the personal representative of your estate. In the event that you become incapacitated, one may become your agent under a power of attorney such as a health care power of attorney or a financial power of attorney. Talking to your agent about your health care preferences and wishes can be essential to them successfully carrying out their duties should the need arise.
So, talk to your family, your loved ones, and those that will likely be impacted by your plans for the future. Topics you should be sure to discuss include:
- Who will inherit what from your estate
- Who will make decisions and manage your affairs in the event of your incapacitation
- What are your end of life care preferences
- What are your funeral or memorial service preferences
- What are your plans should you need to pay for long term care
Broaching these topics can be difficult, but avoiding them can have devastating impacts on you and your loved ones. Take the initiative to talk to your family about these things and make sure everyone is clear on what may lie ahead for you and their role in your plans.
Estate Planning Attorney
Take those conversation topics and turn it into a comprehensive estate plan that protects the future you want for yourself and your loved ones. The estate planning team at Verras Law will help you develop a strong estate plan that reflects your unique goals. Contact Verras Law today.