Estate Planning: Family Meetings

Estate Planning: Family Meetings You’ve signed the documents, made the decisions about your social media and your assets, you’ve funded your trust and you’ve chosen your business successor. Congratulations – your estate planning is complete! …Or is it? Have you spoken about your estate plans with your family? Do they known the ins and outs of how your expect your plan to work, and to whom responsibilities will fall if you die or are incapacitated? Do they understand why you’ve made the decisions you have? It may be time for a family meeting. A well-run family meeting will help your family understand your plans and avoid confusion. Involving your estate planning expert may help you explain everything to your family about your choices and your wishes and they will be able to answer any questions they may have. This will also give them a chance to become acquainted and make it easier for them to cooperate in your absence. Make sure these meetings have an agenda set in place, with an outline of your objectives and the topics you want to cover. If the meeting becomes emotional you will want to ensure you’ve touched on everything you want to say. You do not need to disclose any monetary or asset values, this meeting is only for a general explanation of what you want and why. You should expect and encourage questions. This meeting may be nerve wracking, especially in a blended family. There may be a child present who you do not believe is financially prepare to handle an inheritance or a family member that you don’t feel you can trust to manage your estate. You will need to be prepared for those difficult discussions. You’ll want to make sure you set your meeting place in an appropriate and comfortable place, at a time that everyone can accommodate. A traditional family gathering may be convenient, but if the discussion will be upsetting it may spoil and important family trip. Schedule your beginning and ending time and set those boundaries firmly. Finally, ensure this meeting is limited solely to adults to avoid the distraction of young children. At The Law Center our experts have experience in planning these family meetings and helping you discuss your wishes with your family. Call The Law Center today at 303-991-5200 to schedule your initial consultation today! : The Law Center PC