How to Talk About Inheritance with Your Family
Talking to your family and loved ones about your estate plan is a good idea because it helps ensure that everyone has the information they need, knows what to expect when the time comes, and helps prevent potential family conflict.
Starting a discussion about what will happen to your assets in the event of your death can be difficult, but following these steps can make the process more comfortable.
Talk Early & Often
Begin talking to your family about your estate plan early and discuss it often. The more that you talk about your wishes for after your death with your family and loved ones, the more you will normalize it and the easier it will be. Talking about your estate plan regularly will also keep your family informed about what you are planning.
Transparency is key when talking to your family about your will and estate plan. Talk to everyone, not just those who are getting an inheritance. If there’s someone in your life who might be expecting a share, let them know that it isn’t the case and explain why.
Being transparent about your estate planning will also allow an opportunity for your family members to bring up their concerns or questions, and you can work through the issues together.
In addition to having these discussions regularly and being honest and open about it, it is important to be specific and make sure that your family knows exactly what assets you have in the first place. Your children and other loved ones probably have a basic idea of what assets you have, but they likely don’t know the specifics. Make sure that your close family members are aware of exactly what bank accounts, investments, real estate, collectibles, and other assets you have. This will help avoid confusion in future.
For assistance creating a will and estate plan that puts your best interests first, get in touch with Munro & Crawford today. Our lawyers have extensive experience working with clients on estate planning, wills, setting up trusts, and more.