The holiday season brings about many family gatherings. While this is an opportunity to catch up and learn about what has been going on the past year, it might also be a time for serious conversations. Young or old, if you have an estate plan, it is important to communicate with loved ones. But is now the time to discuss what each beneficiary with inherit?
Detailing your estate plan
While your estate plan shouldn’t be a secrete, discussing every detail with loved ones might feel inappropriate at this time. If you seek to pass specific assets or property to a loved one, including that in a will should result in that individual inheriting it after your death. This might feel like a done deal; however, discussing this intended inheritance now might have some benefits in ensuring everything transfers smoothly.
Things to consider
Before you interrupt the conversations at your next family gathering, it is important to consider the following points before sharing the details of your estate plan. If you have adult children, informing them beforehand could ease the pain and difficulties after your death. In cases where an estate plan results in unequal inheritances among your children, having this discussion beforehand could provide them with explanations and reduce the chances of disputes following your death.
Deciding to share your estate plan with your loved ones does not mean you have to give specific details like the amount they will inherit. If you decide to talk to your loved ones about your estate plan, consider naming your advisors involved, discuss trusts and give your children a realistic expectation.
Creating an estate plan can feel overwhelming, especially if your feel alone when making serious decisions. Thus, speaking with loved ones might be a step to consider this holiday season.