Having a conversation with your loved ones about your will may be important for minimizing the chances of an argument down the line. It’s a good idea to pull aside the relevant individuals and have this chat, but you need to approach the subject carefully.
When a parent passes away without having this conversation, his or her children may experience confusion or even conflict in addition to the emotional challenges of grief. Having the talk now can minimize the chances of your intentions being misunderstood. Having the meeting at home is one option, but your lawyer’s office may also be neutral territory.
Here’s what you should cover in this meeting with your loved ones:
- What estate planning documents you have already created
- Where these documents are stored
- What responsibilities any agents, trustees, or personal representatives will have
- Why you made the decisions you did regarding your estate (if you wish to share this)
- How your assets will be distributed when you pass away
- Why some assets may need to be handled differently or carefully, such as a family business
- Why assets going to a child are inside a trust as opposed to an outright gift
While this conversation might seem challenging to think about, it is well worth the peace of mind you’ll get from knowing that your loved ones understand what you have already done. Getting everyone on the same page can be very valuable.
To learn more about these issues, and what documents make up a good estate plan, set up a meeting with a Massachusetts estate planning lawyer.
