Talk to Your Family About Your Estate Plan This Holiday Season

If something were to happen to you, does your family know what they need to do? Do they know how to access your estate plan documents? Do they know who your attorney is if they need help?

The holidays are the perfect time to get this discussion out of the way. Whether gathering virtually or in person, make sure to take time to have these important conversations.

Having your estate plan done is of course an important, if not the most important, piece of the puzzle, however don’t forget you need to have this conversation with whoever you are counting on to take care of your family and assets once that plan needs to be enacted.

What to Tell Your Family About Your Estate Plan…

1) Location of documents- let your family know where your estate plan documents are. If there is one person who you think would be a first responder in the situation where these documents may be needed, make sure that person knows where the documents are.

If they are in a safe, make sure whoever that first responder is knows how to get in. If you are able to show them the actual documents then do so, for example if they are in a binder or folder, get them out so they can see what they look like.

2) Who would be in charge- the people that you have named to be in charge of your financial and health decisions should know your wishes for them to have these responsibilities. The last thing you would want is for them to already be in a tough situation with learning something happened to you, only to be more shocked if they have to make hard decisions on your behalf.

This is especially important if you have minor children. Guardians should know their responsibilities and if you deem appropriate, your kids should know as well who would be taking care of them if something happens to you.

3) Who your attorney is- even if your family knows where your estate plan documents are, it is a good idea to make sure they know who your attorney is. This way they know who to turn to if they need guidance on any aspects of your plan and can seek help if there are any issues.

4) Specific wishes- if you have any stipulations in your estate plan that are extremely important to you and you don’t want any confusion, express those to your family. Maybe there is a family heirloom you want to go to a specific relative, or you want a certain amount of money donated to a charity. Let the executors of your estate know these but also let any family members know that may be affected.

How to Talk to Your Family About Your Estate Plan…

While there isn’t one way to start a tough conversation, there are some ways to make it the most beneficial.

• Set a certain time for a meeting and let them know what you’ll be discussing.
• Have a list of topics you want to touch on, for example, if you want to mention your healthcare wishes then write them down so you don’t forget.
• Keep it a conversation instead of a lecture.
• If you and your spouse will both be leading the conversation, make sure you’re on the same page.
• Encourage your family, especially kids, to ask questions.
• Stay calm. Easier said than done, but this should be a conversation that brings peace to your family and not a debate. With an already triggering topic, do your best to relay things as calmly as possible.

All families are unique and there’s no certain plan that will work for every family’s situation when it comes to discussing end of life issues. Ultimately you need to decide what to disclose to your family and when, but our main advice is to not wait. While it can be triggering to think about the end of your life, and for your loved ones to think about losing you, this conversation should provide peace knowing they will be taken care of when you are gone and that there is a plan for a time when they may feel lost.

While the year is wrapping up, don’t forget to look at our estate planning tips for the end of the year.

As always we are here to help! The holidays and the end of the year are always a busy time but we are here for you! If you have questions don’t hesitate to contact us.