Important estate planning details to discuss with loved ones
It is not easy to talk about the subject of death with a family member. It is difficult to consider one’s own mortality, and it can be even more difficult to discuss another person’s passing while he or she is still alive. However uncomfortable these conversations can be, it is still important to discuss certain estate planning matters with loved ones before they pass. This can provide you with important information for a time when you may have to settle that individual’s Florida estate according to his or her wishes.
Adult children may find themselves in a position someday where they have to provide care for their elderly parents. In addition to needing to know about their health care preferences, there are certain estate planning details that are important in the event of incapacitation or death. Having these conversations can provide critical insight to important details that you may have to address in the future.
Have hard conversations now
Many assume they will have more time to discuss their parents’ wishes and other estate planning details, but that is not always the case. Life is unpredictable, and loved ones may be left without the information they need because they delayed important conversations. Parents should discuss with their adult children the location of their estate planning documents and how to access them. It can also be useful for parents to discuss their intentions with their loved ones as this can reduce complications among heirs and beneficiaries.
It is also important to know the location of all important assets, especially if they are spread among multiple locations. For example, a critical detail is the location of storage units, safety deposit boxes and real estate holdings. Parents should also inform their kids of where sentimental items are stored, such as jewelry or family heirlooms.
How to start estate planning conversations
It is not always easy to discuss estate matters with loved ones, but it is an important task. These conversations can make it much easier for loved ones to settle the estate and follow the wishes of their family member after he or she passes away. If you feel that you do not know enough about your parents’ estate planning goals, you will benefit from speaking with them about this important matter and helping them develop any additional plans that are necessary for complete protection and security.