Families in Texas and throughout the country may be spending time together this holiday season, or at least staying in touch with one another. Typically, the topics of death and money are off-limits during family events. However, failing to have an estate planning discussion in a timely manner can be more painful than avoiding it in the interest of being polite.
Be respectful when approaching the subject
There is a chance that your parent or grandparent won’t want to talk about their finances or what will happen to their assets after they pass. If you’re a parent, there is a chance that your adult children won’t want to think about a time when you won’t be around. Ideally, you will frame the conversation as an attempt to ensure that the family is united and financially secure no matter what the future brings.
Start having money talks at an early age
As a parent, it is important that you start passing your values down to your children when they are young. Doing so can help your sons or daughters understand the value of money and gain some idea as to what your financial priorities are. It can also make it easier to discuss the idea of creating and implementing wills, trusts or other estate planning tools when the kids are older.
Let someone else guide the conversation
It’s perfectly acceptable to allow a financial adviser to lead a guided estate planning session. This person may be minimize the amount of tension that might arise between family members as you reveal your plans for the future. He or she might also be able to adequately explain what a will or trust is and why it can be worth creating them.
An attorney may be able to draft estate planning documents or answer any questions that you might have about your plan as its currently structured. A legal professional might be able to act as a trustee or estate representative or assist those individuals in carrying out your final wishes.