Carefully planning your estate ensures that your wishes can be followed once you pass away. This includes writing out your will and establishing trusts so your assets are handed down as you intend. Discussing all the components of our estate plan with your loved ones now can help to alleviate issues in the future.
There are also some components that come into the picture before your death. These are just as important because they can impact what’s available to your heirs and beneficiaries. Make sure you have the power of attorney designations and advanced directives in place.
Understand that the conversation can be difficult
Talking about a loved one passing away is a complicated conversation. You’ll have to try to be compassionate while you’re talking to them. In some cases, family members won’t want to even think about the possibility of someone they love passing away.
Be ready to answer questions about your plans
Your family members might have questions about your intentions or instructions. Be sure you answer those while you can. If there are serious questions about your intentions, you may have to modify the estate plan to address those.
Your estate plan can give you peace of mind. You know that your loved ones have a written and executable plan to follow after you pass away. Working with someone who’s familiar with this area of the law ensures that everything is done in a way that can be enforced. It’s best to do this now so you can get everything in order before something happens to you.