Being open about your estate wishes can greatly benefit you and your family. It gives your heirs a chance to understand your intentions which can help prevent confusion and controversy among them. It also gives you the chance to learn something that may affect your decisions. You may be surprised to hear that one of your children doesn’t want to take on the taxes and maintenance costs of your vacation home or that another child doesn’t feel comfortable making decisions as your healthcare proxy. Ultimately, tackling these important issues early on can help your heirs be better prepared and minimizes the risk of conflict. Accordingly, it may be helpful to have your financial planner with you during your family meeting to help facilitate the conversation and/or explain things in deeper detail. The discussion does not have to be about numbers. It could cover how things should be handled, who is responsible for what, why those decisions have been made, and where to locate important documents. We would welcome the opportunity to meet with you and your family to help prepare for a smooth transition and ensure that your legacy lives on through future generations.
