Here’s a checklist to guide your family estate planning conversation over the holidays. This can help ensure the discussion is productive, respectful, and covers key aspects of your estate plan without overwhelming anyone.
Preparation Before the holidays:
- Review Your Current Estate Plan: Ensure your will, trusts, powers of attorney, and health directives are up to date.
- Identify Key Documents: Have a list of important documents (e.g., will, living will, power of attorney) and their locations.
- Choose Key Topics: Decide which aspects of your estate plan you want to discuss (e.g., inheritance, healthcare directives, guardianship).
- Select a Good Time: Plan for a quiet time during the holidays, possibly after dinner or when things are more relaxed, to initiate the conversation.
- Speak to Executors/POA in Advance: If someone in the family will serve as your executor or power of attorney, discuss their role beforehand to avoid surprises.
During the Conversation:
- Start with Gratitude: Begin by expressing your thankfulness for your family and the opportunity to discuss plans for the future.
- Explain Your Intentions: Share the reason behind having this conversation — you want to ensure clarity, reduce future stress, and avoid family conflicts.
- Discuss the Estate Plan: Cover the following topics depending on your family’s comfort level and relevance to your situation:
- Wills and Trusts: Share key decisions about who will inherit assets, and why you’ve made these choices.
- Guardianship: If applicable, discuss plans for minors or dependents, including naming their guardians.
- Power of Attorney and Healthcare Directives: Inform your family of who will handle your financial and medical decisions if you are unable.
- Beneficiaries: Confirm your beneficiaries on life insurance policies, retirement accounts, and any other relevant accounts.
- Funeral and End-of-Life Wishes: Share preferences regarding funeral arrangements, cremation vs. burial, etc.
- Charitable Giving or Legacy Planning: If you have charitable intentions, communicate them to the family.
- Share where Everything Is Located: Be sure to share documents and information in your Gentreo Digital Vault after your conversation so that everyone has the correct information and knows where to find legal documents and access to information share with them in the event of an emergency.
Encourage Questions and Feedback:
- Invite Input: Allow family members to ask questions or express any concerns. Clarify your decisions and explain your rationale without feeling defensive.
- Address Potential Conflicts: If there’s the potential for disagreements, use this time to clear up any confusion to avoid future disputes.
- Be Open to Further Discussion: Not everything has to be decided all at once. Encourage further discussion to give family and friends an opportunity to consider what you have explained and ask questions down the road.
After the Conversation:
- Summarize the Discussion: Provide a brief overview of what was covered, ensuring everyone understands the key points.
- Document Any Updates: If the conversation leads to changes in your estate plan, make a note to follow up with your attorney or financial planner.
- Share Document Locations: Reiterate to them where documents and information is stored and be sure to update your Gentreo Digital Vault to add or remove viewing access as needed.
Things to Avoid:
- Don’t Overwhelm the Family: Keep the conversation light and avoid delving into too much detail all at once. This is a starting point.
- Avoid Surprising Anyone: Prepare those playing key roles (executor, power of attorney) privately, so they are not caught off guard during the family discussion.
- Respect Boundaries: Some family members may feel uncomfortable discussing finances or end-of-life plans. Respect their wishes but explain the importance.
Don’t wait until it’s too late; start your estate planning journey with Gentreo today. By doing so, you’ll not only protect your loved ones but also gain the peace of mind that comes with knowing your legacy is secure. Click HERE to join now.
This article is for informational purposes only and should not be considered legal advice. Consult with a qualified attorney or estate planning professional for personalized guidance.
