How To Talk About Estate Planning

Large family group

How To Talk About Estate Planning

Estate planning is often a challenging and difficult to talk to your family about. No one truly enjoys discussing events surrounding their death, and family members usually do not want to think too deeply about losing the people they love. While not simple or enjoyable, discussing your plans for end-of-life care, inheritance, and other preparations regarding your estate is essential and provides many benefits. Not only can the conversation ensure your family understands your final wishes regarding your legacy, but it can also reduce disagreements among your family after you pass away. Speak to a seasoned estate planning lawyer in Florida at Loughlin Law, P.A. by calling 561-677-8384 to learn more tips on how to talk about estate planning.

Five Tips for Having a Conversation With Your Loved Ones About Estate Planning

A significant number of Americans fail to prepare an estate plan. Many more forgo meeting with their families to discuss their final wishes. Some helpful tips and advice for how to talk about estate planning include:

  • Start having estate planning conversations early rather than waiting
  • Be direct and transparent about estate planning wishes
  • Convey the importance of estate planning conversations with family
  • Give everyone space to talk and express concerns
  • Keep the conversation going

While no one relishes the idea of talking about their death, the advantages of explaining what your wishes are for your health and finances are astronomical. A compassionate attorney at Loughlin Law, P.A. can help you answer important questions and concerns and provide legal guidance to help prepare for the essential estate planning discussions with loved ones.

Estate Planning Conversations With Elderly Parents

While it may be uncomfortable, having estate planning conversations with elderly parents can help children and family members organize and prepare for the time to carry out their wishes. Family meetings also give elderly parents peace of mind, knowing their family understands their final preferences. Some of the ways you should consider visiting with your elderly parents regarding an estate plan include:

  • Schedule a time to discuss estate planning with elderly parents
  • Identify and invite the essential people to join in on the conversation
  • Determine if they already have a Last Will and Testament or any other estate planning documents
  • Talk about all of the different types of power of attorney (health, financial, etc.)
  • Make clear end-of-life medical care plans
  • Discuss insurance policies and financial accounts, including where the login and password information is saved
  • Request access to tax returns for when the time comes
  • Meet as a family to review the plan on a scheduled basis and make changes as needed

Unfortunately, many put off the tough conversations until it is too late and loved ones are left to make choices that may not align with what their family member would have preferred. Additionally, without an estate plan, the family understands that the chance of disagreements or ongoing litigation in probate court to settle disputes also increases substantially. While these disputes can still happen even with careful planning, it can help prevent some issues among families already dealing with the loss of a loved one.

Some Common Steps Involved in Estate Planning

Estate planning provides countless benefits, including the potential to minimize taxes, protect dependents and loved ones, create options in the event of incapacity, safeguard property, including businesses and assets, and to leave a lasting legacy behind. Some of the steps you can take to begin to prepare your estate plan include the following:

  • Create a document to inventory assets
  • Consider your family’s current financial situation and if there are dependents
  • Determine and create a list of beneficiaries
  • Consider healthcare choices for the possibility of incapacity
  • Visit with an experienced estate planning attorney to ensure your wishes are carried out following your death or incapacity
  • Store all documents in a safe place and revise the plan regularly to make changes and adjustments if necessary

According to The Floria Bar, estate planning is beneficial for every person. Gathering information and document creation allows planners to lay out their wishes for property division, make important medical decisions, and choose people they trust to grant authority to make crucial decisions on their behalf.

When Should You Start Creating Your Estate Plan?

Many financial planners and legal professionals believe everyone should have their estate plan by 55. However, there is no minimum age to start, and any adult can benefit by having a solid plan in place should something unexpected happen. Those who plan and prepare at a younger age have something to build on and can review and update the plan as needed as life-changing events occur.

Additionally, it is important to note that there are certain life events or circumstances that may prompt individuals to consider estate planning sooner rather than later. Here are some of those times:

  • Marriage: Upon getting married, it’s essential to ensure that your new spouse is provided for in the event of your death or incapacity.
  • Starting a Family: When you have children, an estate plan allows you to provide guardianship provisions to determine who will care for them if both parents are unable to do so.
  • Acquiring Assets: As you accumulate financially significant assets, having an estate plan can help ensure these assets are distributed according to your wishes after your death.
  • Changes in Health: An estate plan allows you to outline your preferences for medical care and designate someone to make decisions on your behalf if you become incapacitated.
  • Peace of Mind: Finally, having an estate plan in place provides peace of mind, knowing that your loved ones will be taken care of and your wishes will be carried out according to your instructions.

It is always important to consider creating an estate plan early in life or at key milestones to protect yourself, your loved ones, and your assets. Consulting with an experienced and dedicated Florida estate planning attorney can help you navigate the process and ensure that your plan is comprehensive and legally sound.

Speak to an Experienced and Compassionate Florida Estate Planning Attorney Today

Sometimes, the most challenging conversations are those most worth having. Meeting with your family to discuss and prepare a thorough estate plan tailored to meet your and your family’s needs can ensure they understand your final wishes and protect the people you love most. Call an experienced lawyer in Florida at Loughlin Law, P.A. at 561-677-8384 for questions regarding how to talk about estate planning.

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