It’s tough to talk about death, dying, aging, and money, even at the best of times. Talking about it with your family when planning out your estate, however, is a very important conversation that can help put your mind, and everyone else’s, at ease not just now, but in years to come.
If you’re in the process of drafting up your will or you’ve already done so, be sure to sit down with your adult children and talk about it. There’s so much to be gained by doing so. Not only does it help alleviate a lot of questions or concerns that everyone may have, it can allow for positive discussions, clarifications and input…and it may even uncover key information you need to make your estate plan work better. Here are the topics that should be included in your family discussion about your estate plan:
- Your estate
Your estate is made up of not just your assets (real estate, savings, investments, autos, jewelry, family antiques, life insurance policies, etc.) but your loans and other debts too. It’s up to you to bequeath your assets as you see fit when drafting a will. However, you may want to talk to your family to seek any guidance and find out if there is anything they do or don’t want. For example, that stamp or coin collection you were hoping to pass down may be of no interest to your kids, in which case you can decide if you want to sell it now and enjoy any profits! Keep in mind that although you are asking for input, you are under no pressure to promise anything to anyone; in fact, a will made under duress (against your wishes) is not legal or valid. The point of this family discussion is simply to outline the basics of your estate and what your plan is. It’s also a good opportunity for them to ask questions at this time and share their feelings.
- Your will executor
Do you have someone in mind to act as your will’s executor and manage your estate upon your death? It can be your spouse, an adult child or an externally outsourced person…as long as you appoint someone who is organized and otherwise capable of handling this important job. It’s advisable to select someone who is able to attend to the various funeral details, financials, legal appointments and so on in person. After having a discussion with your family, you may be surprised to learn that the person you had in mind can’t manage this task, and together you can explore other options to find the best person for the job.
- Power of Attorney
In the event that you become incapable of making decisions about your care (including end-of-life care), health or finances, you should appoint an ‘attorney’ to manage the medical, legal and financial decisions on your behalf, called ‘power of attorney’. Similar to choosing a will executor, it’s important to make sure your choice is based on who’s willing and who’s best for the job and not necessarily who’s the oldest, or who lives the closest for example. A conversation with your family about your wishes can clear the air and set things straight so that everyone’s on board.
- Keeping the peace
Many people worry about what’s most fair or just for their loved ones when drafting their wills, but it all boils down to your own personal wishes and what you believe to be appropriate for the distribution of your assets. Keeping the family peace shouldn’t be the sole influence when planning your estate; it has to be what you feel is best. One way to help avoid family squabbles after you pass away is to have a conversation about your will and your decisions now. If there are grievances, there’s a chance they can be aired and resolved now instead of when everyone is mourning and distraught.
The best advice is when drafting a will is to get sound legal advice. At Ares Law, our speciality is wills and estates, and we’re here to help you with the process from beginning to end. Make an appointment to talk to our expert team in Parry Sound; we’ll make sure you have a sound, solid will that you’re happy with. Call us today at (705) 746-6444 and let’s get talking!
