If one has watched the news at any point for the last year, they have likely heard about the importance of estate planning. Indeed, with all the craziness that pervaded every second of the past 12 to 16 months, one of the few things we had control over is planning, like estate planning. But, while it can be a difficult discussion, it is the cornerstone to healthy financial planning. This is why our readers are looking for some steps on how to navigate this difficult estate planning discussion.
How to begin the talk
Let us face the fact that this is a sensitive topic, and the loved ones may or may not want to have this discussion. Though, once we bring it up, we may find that our loved ones are more receptive to the talk than we may think. So, the first step is just to bring up the talk.
Emphasize the peace of mind of estate planning
Emphasize to the loved one that estate planning is really about creating peace of mind for them and their loved ones. A proper and effective estate plan ensures a seamless transfer that minimizes tax liabilities and intrafamilial fighting. This is why emphasizing this outcome be an effective tool in ensuring that loved ones have an estate plan.
Judgment free zone
When bring up estate planning, one has to ensure that the space and conversation is a judgment free zone and that everyone has an open mind. This conversation has to be honest and open, and our loved one’s wishes have to be at the forefront of the conversation. We have to take our own wishes out, and let them talk about what they want.
Avoiding familial squabbles
Unfortunately, many of us think that our heirs, especially our children will not struggle to divvy up assets. However, one only needs flip on a TV program, like the People’s Court, or Netflix show to see that these types of fights are common when an estate plan is not created prior to one’s death. After all, we all think that if we all get along now, we should still get along after one dies, but this is simply not the case for the vast majority of families.
Once one has had this discussion with a loved one, the next step is to contact a Torrance, California, estate planning attorney. The attorney can help effectuate the wishes of that loved one and make a legally enforceable estate plan.