Silence Can Kill Your Estate Desires
You may believe that you have everything in order so that when you pass on your estate will be handled easily, swiftly, and exactly as you desire. However, many obstacles can stand in the way of things being handled just like you wanted. This is why proper planning, contingency planning, and the expertise of an estate lawyer are all essential to planning for your death. All of these start with communicating properly. Here are three things to make sure you regularly communicate to your loved ones and your estate lawyer.
1. Communicate About Things Changing
Whenever some major life event takes place that changes your net worth, access to cash, valuables holdings, or anything else that would effect what is passed on to those who outlive you, let your real estate lawyer and your loved ones know. If you had originally planned to retire quietly at home, but have decided instead to do some more traveling, this is going to decrease the amount of money you have, and therefore the amount of money you have to pass on at any given moment.
So that loved ones won't be surprised and your estate lawyer won't be left in a lurch, keep everyone up-to-date on your financial problems and windfalls.
2. Communicate About Things NOT Changing
When your are relatively certain that something is going to be permanent, be sure to communicate that to others as well. Let them know about ailments that have been deemed chronic by medical professionals, ailing relatives coming to live with you who may need extra financial assistance, or even if circumstances lead you to move into a much smaller home or even an apartment.
3. Communicate Your Intent
Make sure that it is clear to all parties involved who you intend to have what and why. If you want two siblings to split the worth of a home so that they will each have some money to finance starting their own families, make this clear. This can alleviate things like fighting over who gets to stay in a house that was meant to be sold in the first place. At the same time, if someone was meant to have a treasured family vehicle because they've never been able to afford one of their own, let that be known.
People can behave in uncharacteristically greedy manners when they have lost someone that they love. If you're clear that giving one sibling the vehicle over another was for transportation purposes and fairness--and not an act of punishment--it helps people go along with the plans you've laid out without causing undue family conflict or confusion.
Communication is key in every relationship we have in our lives. What we say and don't say can help friendships blossoms and marriages die. Communicating about your estate planning and status is not different. If you truly care about those whom you will be leaving behind, be sure to have them be part of the conversation about what will be happening with the funds and assets you will be leaving to them. To learn more, visit Housecall Wills & Estates.