Finishing your estate plan is a big step, but failing to notify the people involved can lead to confusion and complications when it’s time to use it. Since the events that bring those plans into action, such as an accident, serious illness or hospitalization, rarely come with a warning, talking with your family about your estate plan before a crisis occurs can provide clarity and help reduce uncertainty, conflict and stress later
Would your loved ones know what to do?
About half of Americans turning 65 today will need some form of long-term care, according to the U.S. Department of Health and Human Services. If you became unable to make medical or financial decisions, documents such as powers of attorney and advance directives can help ensure someone you trust can step in. Just as important is making sure your loved ones know those documents exist and where to find them. Without access to them, even close family members may be unable to access bank accounts, pay bills or make medical decisions on your behalf without going through a court.
Who should be included in an estate plan conversation?
When you’re ready to talk with loved ones, start with anyone named in a formal role in your estate plan, such as a financial power of attorney, health care proxy, trustee or executor. You may also want to include family members who are likely to be involved in your care or inherit assets.
Think about the dynamics of your family as you plan the conversation. Some families are comfortable discussing everything together, while others communicate more effectively through smaller group discussions or one-on-one conversations.
What should your family know about your estate plan?
Start with your values and the goals behind your decisions. Explaining what matters most to you can help family members better understand your wishes.
From there, review practical details, including who serves in key roles, where important documents are stored and how to contact your estate-planning attorney. You may also want to discuss your care preferences if you were to lose independence and any decisions that family members might find surprising. For example, if inheritances will not be divided equally, sharing your reasoning now may help prevent misunderstandings later.
Most importantly, leave time for questions. The goal is not to cover every possible scenario in a single meeting. It’s to create understanding and give loved ones confidence about what matters to you.
If a single conversation feels overwhelming, consider breaking it into a few shorter discussions over time.
Need help starting the conversation?
Many people worry about how family members will react or feel unsure about where to begin. A financial advisor can help you prepare for the conversation and, in some cases, facilitate it. Having a neutral third party involved can help keep discussions productive and ensure everyone leaves with greater clarity about your wishes.
This article was written by Edward Jones for use by Joe Oliver, your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
Edward Jones, its employees and financial advisors, cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
Joe Oliver is a lifelong Oxfordian, husband, father, and financial advisor with Edward Joes Investments. Joe services business owners and individual investors by helping them accomplish their financial goals. For a complimentary financial consultation, connect with Joe at Joe.Oliver@Edwardjones.com.
Joe Oliver, CFP®,AAMS™
Financial Advisor
2250 Baltimore Pike
Oxford, PA 19363
484-702-9311
www.edwardjones.com/joe-oliver
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