Discussing a will with your family

There are conversations that are difficult to have with certain family members. Parents try to protect their children by waiting to explain certain factors of life until they are older. Spouses may find it challenging to talk about finances with each other. Though these conversations can be difficult, they can be vital discussions that keep everyone informed.

A particularly tough conversation that people in Orlando may put off having is related to a person's last will and testament. People may feel uncomfortable explaining what to do with their assets once they are gone, especially around loved ones. But having this discussion can make a significant impact on how a family deals with the terms set in the will.

People who don't discuss a will with family members and beneficiaries leave them to deal with any uncertainties or questions that come out of the estate plan. When a person is no longer around to explain his or her wishes, it can be nearly impossible for loved ones to know what to do.

Family members may also be caught off guard if they learn that they will receive a large sum of money from an estate. Others may be surprised if they receive a much smaller amount than anticipated. Instead of keeping everyone in the dark with this information, shedding some light onto the issue will give them the opportunity to ask questions and voice concerns if they have any.

The same holds true for those who may be inheriting businesses or other significant assets that they will be expected to either manage or sell. But not discussing these wishes with that person, he or she may be overwhelmed and confused by the responsibility.

Whether a person discusses these issues with family members or not is an extremely individual decision. However, at least one person should fully understand the intent and terms documented in a will so that it can be administered properly and fairly.

Source: CNBC, "Scared to Discuss Your Will With Your Family? Here Are Some Tips," Paul O'Donnell, Sept. 28, 2012

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