Estate planning can be a sensitive subject to talk about. Perhaps you are strongly considering it, but have concerns about bringing the issue up with your spouse. After all, discussing your future and eventual death might be uncomfortable to think about. Realistically, an estate plan can safeguard your wealth and assets. Without one in place, a number of challenges can arise.
Why Discussions About Estate Planning May Go Ignored
There are many reasons why a person chooses to ignore estate planning. This is true even when, or if, they know it is important. Apart from the emotions involved, one of the most common reasons to avoid it is because there are concerns about a dispute occurring. No one wants to engage in conflict; especially with loved ones. By ignoring the matter in the first place, there can be no conflict!
Another reason why someone might opt to avoid talking about their estate is due to the face that they don’t know how to distribute their assets. Ideally, an estate will be divided equally; however, this might not be suited to your particular wishes. On the other hand, you might not know how to tell your children or spouse what your wishes are. This is a common issue our Folsom, CA estate planning lawyers deal with.
Finally, for some people, they are concerned that by telling their loved ones about their assets, they will elect not to pursue any career or financial goals of their own. Their ambitions are essentially reduced because they are relying on their future inheritance.
Talking to Loved Ones About Your Estate
As a leading estate planning lawyer in Folsom, CA, we often recommend starting off by talking about a will. Although it can bring out some undesirable emotions, it is generally easier to discuss as a will benefits everyone. If you find you are on the same page, you might then bring up the details of the will, what you plan on leaving behind, and to whom. Be open to ideas and thoughts voiced by your loved ones. If assets are not distributed evenly, or in a way your loved ones are expecting, you should explain your reasons.
Topics to Discuss with Your Loved Ones
The following are some points of interest you should think about discussing with loved ones. If you are uncomfortable doing so, you can schedule an open meeting between you, your loved ones, and your estate planning lawyer in Folsom, CA.
- Your choice of executor
- Your choice of a named trustee
- The tasks of an executor or trustee
- Named beneficiaries and backup beneficiaries
- Who will serve as a witness during probate
- Whether you have a power of attorney or health care directive
- Where your estate plan is located
- Whether legal fees are to be covered in your estate plan
- Whether any assets are to be gifted prior to your death
Talking with your loved ones about your estate is very important. If this is something that is too difficult to do on your own, consider speaking with an estate planning lawyer in Folsom, California. A lawyer from our firm can translate your wishes and walk each of you through the process in an open, communicative, and trustworthy manner.