Talking With Your Family About Your Estate Plan

By Libby Banks, The Law Office of Libby Banks, PLLC

You might not think that the holidays are the best time to talk with your family about your estate plan, but it might be the only time they are all in one place. Talking with your family about your estate and what you have planned, or intend to do can assure that nothing comes as a surprise later. When your family knows what you’re planning or already have in place, who you’ve chosen to handle things, and how you want decisions made, you give them clarity, and that can assure less confusion and dissension later. Estate Planning is a priceless gift, and knowing ahead of time what to expect makes it even better.

Estate planning isn’t just paperwork. It’s the roadmap your loved ones will rely on if you become incapacitated or after you’re gone. When you explain what you have put together to assure that things can be handled as easily as possible, you give peace of mind to your family.

If you have a Revocable Living Trust, a simple explanation goes a long way. Your family doesn’t need to be fluent in legalese – they just need to understand the structure:

• While you’re well and able you are in full control of your assets as trustee.
• If you become incapacitated, your successor trustee will step in to manage finances for your benefit.
• At your passing, your trustee administers your estate, and ultimately distributes your assets as you instructed in your trust – without the delays and public filings required by a probate court proceeding.

What should you share with the family? While you don’t have to reveal account balances or exactly what you have, be sure they know where to find the information about what you own when the time comes. We offer an online vault you can store and update information, and only allow access when someone else is serving as trustee. Knowing where your estate plan is located, and what is in your estate will get them started quickly to manage your estate when you cannot.

Knowing who you’ve named as successor trustee and for healthcare decision making is important too. This assures that who you’ve chosen is prepared and gives you an opportunity to advise the others to cooperate with and support the person on whom you placed this huge responsibility.

If you’re still making decisions or planning updates these conversations can help you think through who is best suited for the role. Discussing what you need from your trustee and healthcare agent can help you make final decisions. It will also let you find out whether the person you want to serve is willing to serve.

Finishing your estate plan—and talking with your family about it—is one of the most loving acts you can give. It prevents stress, avoids misunderstandings, and creates a smooth path forward when life takes unexpected turns.

If you’re ready to create or update your estate plan, I’m here to help. Call my office for a complimentary consultation at 602-375-6752, or visit https://libbybanks.com.