Starting a conversation about estate planning
While you gather with your family for the holidays- estate planning Lawyer Amy Kuronen suggests starting a conversation about estate planning.
It’s important to make sure the family knows there is a plan and where to find it.
Amy says you may want to consider the timing and how you have this conversation. Consider- is this a one-on-one conversation or a group discussion? Include your children’s spouses? Overall, how much should you disclose?
There are different way to share your estate plan. First would be to simply say you have a plan in place and where to find the documents. A step further would be to share a general overview of your plan. Or it may be possible to go even further into the details– descriptions of assets along with types and values.
Amy recommends considering how beneficiaries will react, “Will providing a lot of details give them a sense of entitlement, or an expectation of the assets they might inherit? Be clear that your assets are for your use during your lifetime.”
As for healthcare directives- Amy recommends to disclose the details outside of extraordinary circumstances. You may also give copies to the appropriate people. This allows them an opportunity to ask questions.