From Realtor Magazine, this article covers ways to prepare to talk about family finances and future plans for household assets.
Some types of family conversations can be a source of stress and anxiety, but talking about finances and future plans for household assets doesn’t have to be one of them. Preparing for how the discussion will flow, and giving thought to where and when the discussion will take place, can lower everyone’s anxiety level in the moment. Discussing financial needs and assets regularly can create more stability for loved ones who will be responsible for carrying out a family member’s wishes. Here are five tips to keep in mind:
It can be a good idea to hold regular family meetings to stay current with accounts and family members’ wishes. Things change over time, so it’s important to keep your documents updated. You’ll want to make updates to insurance beneficiaries and important documents, like a will, if and when circumstances change. Significant income or asset changes and, of course, new family members (children, grandchildren or in-laws) would need to be taken into consideration.
Finally, don’t be afraid to ask for advice along the way. An estate planning attorney may have valuable insights as to how to make sure the family feels included and at ease. Inevitably, family members will be making decisions during a highly emotional time, and having everyone on the same page can make moving forward without conflict much easier.
Not sure how to prepare for the family discussion? Click here for a list of are important questions to ask.