How to have family conversations about estate planning

Discussing your wishes for your assets and healthcare with loved ones can be daunting. After all, talking about money and death, especially together, can be uncomfortable. But it's important to help ensure that everyone is aware of your intentions, should something happen to you. These 5 tips can help you prepare.

Estate plans aren't just for the wealthy

Estate planning — which is really about putting your wishes in writing — serves anyone who owns assets, from houses, cars and sentimental items to bank and investment accounts, regardless of their amount or value. An estate plan isn't just one, lofty document. It's made up of multiple legal documents that encompass many aspects of your personal finances and goals.

Why you need to talk about estate planning

Avoiding these conversations out of fear of an emotional response is common. However, setting clear expectations now goes a long way in helping you feel at ease in the future. Without a plan, the future of your assets will be determined by asset title, beneficiary designation and state law, which may not align with your wishes.
Here's how to prepare for a successful conversation:
First slide show of three: Create an agenda
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The focus of this conversation is communicating your intent and wishes. Everyone should have the opportunity to ask questions, share their desires and clarify their understanding of your plans.
Second slide show of three: Start the conversation
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It's never too early to start the conversation with loved ones. Being sensitive to their fears and concerns will create more open discussions. Keep in mind that these conversations should be ongoing with plans evolving as people's lives and situations change.
Third slide show of three: Prepare for sensitive situations
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Preparation will help keep the conversation smooth, peaceful and on topic. Whether in a group setting or one-on-one, take the time to anticipate potential issues and solutions.

5 tips to help ensure your conversations go smoothly

  1. Start early: The sooner you discuss your wishes, the better prepared everyone will be.
  2. Be patient: This is a heavy and emotional topic. Give everyone room to digest the information and react to it.
  3. Include sentimental items: An estate plan isn't just for the big stuff. Don't forget family heirlooms that may not have monetary value.
  4. Know your audience: Anticipating potential issues and ways to resolve them can help prevent conflict.
  5. Keep talking: Part of this process is keeping loved ones updated as life and your finances evolve. Review plans annually as outdated estate plans can lead to confusion and maintain an open dialogue to help avoid surprises.
Ultimately, knowing your affairs are in order can help bring comfort to you and your loved ones. After all, it's about more than just assets, it's about being prepared and clear on your wishes for a smooth transition.

Next steps

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