Avoid Hurdles Of Talking About Estate Planning With These Tips From Mulland Fraser
When people die, knowing what to do and who should handle their death’s emotional and practical aspects can be challenging. The confusion surrounding proper grieving etiquette is compounded when living children are in the family. As such, many parents, guardians, and other relatives have discussions about a will or estate plan without ever sitting down with their kids first.
That’s not good for either party, and it increases confusion on both fronts when you have adults trying to figure out what’s happening with a bunch of teenagers. In such a situation, everyone must sit down together and discuss making an estate plan. If you are considering speaking with your family about your estate plan, here are some tips and resources that can help guide you in this conversation.
Ask the Right Questions, Says Mulland Fraser
First and foremost, talk with your adult children. They are the best ones to ask about their wishes for their family after you have passed away. It is not uncommon for some kids to be uncomfortable talking about a will and estate plan, but that’s usually because they are afraid they’ll be blamed or shamed.
You may find that one or more of your children is concerned about the needs of their siblings who are minors and don’t understand what will happen to them in the event of your death. It helps gently broach the subject with your kids before you have additional adult conversations. You may have other children in the family as well. If you do, talk with them as well.
Professionals in this field, like Mulland Fraser Japan, suggest it’s essential to understand your family’s concerns and ask for their input on how it should be handled. Sometimes, a gentle push can get things moving, and you can help them from those plans together.
Deciding On The Powers of Attorney Is Important, Says Mulland Fraser
One of the first things you should consider assigning to another family member is power of attorney. This gives that person permission to act on your behalf while you are still alive and makes it legal for that person to do so. However, having a will or an estate plan can help you decide who will have that power.
It would help if you also determined which children in your family should have power of attorney over their affairs and financial resources. You may want them to be able to handle those things far into the future, even after they become adults. However, many individuals don’t want others, especially children; to take care of their money or healthcare decisions ever after they die because they don’t think it will make them feel secure.
When deciding on your estate plan, consider all the different options. It’s better to have a program that assigns power of attorney and sets out individual instructions for your children or other family members rather than a will or estate plan that doesn’t include such instructions.
Talk About Your As Well As Your Parents’ Estate Plan
An estate plan is about more than your intentions for your wealth and your property. It also includes the future of your surviving family. Therefore, it’s essential to talk with all of the relevant parties about their wishes as well as their needs. Sometimes, that can mean discussions about divorce or remarriage situations and what will happen if one of their spouses dies.
It can be confusing to think about things like this while grieving, but they must consider these matters before the event occurs. However, you might consider keeping your children together in the same home and having them live under the same roof.
Consider the Alternative to a Will
A will is a legal document that provides instructions for disposing of your assets and what happens to your property when you are no longer living. However, if you have other family members in your life who may need financial or medical help after you’ve passed away, it’s better to consider setting up a plan that is called a healthcare proxy.
The healthcare proxy states what should happen, during and after your death, to all of the assets that belong to your family members who are minors or adults. The healthcare proxy can be used by anyone involved in the care of these people and guides their wants in those situations.
An estate plan is about more than just a will. It is also the core of your financial portfolio and your accumulated assets over time. If you want to give them an inheritance, they must understand their assets are their own, and at age 18 or 21, they can do what they want.
Mulland Fraser Explains the Importance of Estate Planning
An estate plan can ensure that your finances are in place before you pass away, so they will be taken care of by the right people you trust. It’s also the best way to pass your estate to your children, grandchildren, and great-grandchildren in a way that makes them feel secure and comfortable.
An estate plan can also help ensure that your family members, minors or adults, feel well taken care of after you’re gone. It means that others will make certain decisions about their life and health care. If there is a problem during their lives, it can be fixed quickly and easily.
It’s also essential to ensure your family members are financially secure after you’re gone. Consider leaving enough money for them to live on for many years or even decades if necessary. They should still have the opportunity to take care of themselves, but if something happens within the family, they may need more help than expected.
To Sum Up!
When you start thinking about what will happen to your assets and your family when you’re no longer living, it can be challenging to imagine all the details. Consider sitting down with a professional and setting up a plan that’s customized to your wishes. As always, taking care of these matters immediately is essential—don’t wait until it’s too late.