Should you talk about estate planning with your family?

Should you talk about estate planning with your family?

| Jan 30, 2021 | Estate Planning

No one enjoys talking about their end of life plans. Unfortunately, it is one of those things everyone dreads but needs to do anyway. After all, discussing your estate plan with your loved ones is vital to ensuring they understand your needs, wants and logic.

But how do you broach the topic? Is there any particular way that works better than others?

Be upfront and plan ahead

MarketWatch tackles how to discuss your estate plan with your family. Each situation and family dynamic calls for a unique method of handling. Still, some tips apply to most people. For example, no one is going to feel happy if you launch into a discussion about your estate without any warning. Let your loved ones prepare themselves for a potentially difficult talk. Set a time and date in advance. It may even help if you allow your family to weigh in on scheduling.

Next, explain why this discussion means so much to you. Some people will understandably continue to feel reluctance unless you do. Let them know that you want to eliminate misunderstandings before they happen and make it clear what you do and do not want from your end of life plans.

Take it step by step

Consider dividing this discussion into several parts. You may feel like it is inconvenient to host several talks. But it lets you explain everything in detail without overwhelming your loved ones with too much information.

Prepare for some resistance. Understand this topic is difficult and will remain so even with adequate preparation. If you understand that, you can ease everyone’s concerns and make the conversation run in a smoother, more seamless way.