Houser Firm

Should you talk with your family about your estate plan?

On Behalf of | Jun 3, 2022 | Estate Planning

You might not feel comfortable talking to your children about your finances. Or maybe you just do not want to darken the mood with a conversation about death. Yet, it is better for you all if you can overcome these issues when creating your estate plan.

You need your family to know some of the details of your estate plan, and they will eventually find out anyway. Telling them now can make things easier for all of you. Here is why:

It allows them to put your plan into action without delay

An estate plan is not only about what happens  once you are dead. It can also come into play if you fall seriously ill. Letting your family know who you have granted financial and health care powers of attorney allows them to step in straight away.

The person with the health care power of attorney can let the doctors know your health care wishes. The one you give financial and legal power of attorney can keep the payments flowing and take any urgent actions on your behalf. That is particularly important if you own a business and are the only signatory on the account. Your company will not last long if no one but you can pay staff and suppliers.

It  helps them plan their future

Hopefully, your children are doing financially well themselves. If so, receiving significant assets from you when you die could leave them overly liable to taxation. Talking to them about what you intend to leave can help you plan an efficient tax strategy together.

It reduces the chance of arguments

By making your reasons for particular estate planning decisions clear to all your family now, you can handle their questions or issues, reducing the chance they end up taking each other to court because they do not believe you would have freely made those decisions.