Your estate plan is the way that you can provide instructions to your loved ones for how to handle your affairs if you’re ever incapacitated or once you pass away. While creating the plan might be something you dread, you may soon realize that having to tell your loved ones about it is just as challenging.
It’s important to talk to your loved ones about your estate plan while you still can. This can prepare them for what will happen. It also gives you the opportunity to explain your reasoning. If you’re preparing to discuss your estate plan, consider these tips:
Ensure the setting is calm, quiet and private
Discussing your estate plan might be an emotional undertaking. Find a time and place to talk when there’s not a big rush. The location should be quiet and private to make it easier to get through this conversation. Remember to remain compassionate while you’re speaking to them because this might be difficult for them.
Create a checklist of topics to discuss
Create a checklist that has the important topics to discuss. This can include things like who will get which assets, who you choose for powers of attorney duties and who you will name as your estate administrator. Having a checklist can ensure that you talk to them about everything that you want without having to try to remember each one during the conversation.
It’s a good idea to have your estate plan completed before you have this meeting. This enables you to provide them with accurate information. Working with someone who can assist you with getting your estate plan in order can help you ensure that you have everything set in a legal manner.