It is natural to feel a sense of accomplishment after your estate plan comes together. After all, it has plenty of moving parts and takes a lot of time, effort and energy to orchestrate. But the journey is not over after you finish the plan.
You must keep the plan constantly updated to reflect your current life circumstances. On top of that, you may want to consider letting your family in on your plan. But why, and how?
Market Watch discusses how to broad the topic of your estate plan during the holiday season. But the advice can apply year-round. You may not want to wait until the holiday season comes around again, after all.
But why is it so important to tell your family in the first place? Simply put, many family members and beneficiaries end up take aback by estate planning decisions they knew nothing about. Without you there to explain the reasons behind your actions, misunderstandings easily grow. These misunderstandings can even tear families apart. You want to avoid this, and you can do so by giving your loved ones time to digest your estate plan and ask questions.
Facilitate smooth discussion
Some of them may feel reluctance when it comes to discussing such subject matter. To help prepare for the difficult talk ahead, you can do two things. One, give them time. Set a date in the future to discuss your estate plan. Let them know when it is coming so they can prepare. Two, consider seeking the aid of a mediator. They can help ensure the discussion goes smoothly, which is crucial for understanding.