Creating and maintaining your estate plan are two important steps in end of life planning. But there is one step that many people overlook, or simply do not wish to address. This step involves discussing your estate plan with your family and loved ones.
Death and finances are two of the least comfortable topics for most people. Unfortunately, that can make this crucial conversation hard for everyone to swallow. Is there anything you can do to help ease the process?
Preparing to face talk of death and finances
Market Watch discusses ways of tackling the difficult topic of your estate plan with your family. First, they acknowledge that this conversation is going to be a tough one no matter what. You can take steps to make it easier, but death and finances will always be something people struggle with.
To help ease the conversation, do what you can to put power in your loved one’s hands. Needless to say, you are the one who gets the final say. But it does not hurt to open the floor to questions or even opinions from your loved ones. They might provide insight that you could use to better your estate plan.
It may help to give them the ability to choose a time and place to hold the discussion, too. This should happen within a reasonable amount of time. Your loved ones cannot put it off indefinitely, but it can help if they are the ones to set the date.
Getting third party help in
Finally, consider getting a third party mediator in. They can help referee any potential arguments between family members. Mediators also help avoid misunderstandings and facilitate discussion. It is one of the best ways you can ensure everyone voices their concerns and opinions without talking over others.