Forward Bank

It can be a difficult subject to bring up, but talking to your family about your estate plan is a gesture that allows your family members to stay up to date on your wishes and keeps them informed. Help prepare your family for the future by having this discussion now instead of during a time of stress and grieving.

We put together a few tips you can use when preparing to talk to your family about your wishes for your estate.

1. Have The Discussion Early

This may not be an easy conversation, but talking about your estate plan sooner than later can help everyone involved. In the middle of a crisis or health scare, your family may not be thinking clearly and may make a rash decision. It’s better to have a thought-out plan for the future to help ensure your family meets your wishes without any unnecessary stress.

2. Come Prepared

Start this discussion after you have prepared. Before you talk to your family, let the team at Forward Investment Services create a detailed estate plan that can help you communicate your wishes to your family.

If you would like your family to be a part of this process, select one or two family members who have your best interests at heart to help you create a plan with your financial professional.

3. Be Transparent

Go into this discussion knowing that it may be an emotional one. It’s essential that you’re transparent when talking about your estate wishes. Speaking in vague terms or hypotheticals can lead to confusion. Be clear and direct about what your estate plan is and what your wishes are.

4. Create Notes or a Guide

Because it is an emotional subject, you may find yourself getting flustered. It can help to have notes to guide your conversation. Notes can help you remember all the points you want to cover without leaving any important information out.

If we have already created an estate plan, you can use this as your guide. You can go over your accounts, discuss your power of attorney, review your will, inform your family of your wishes, tell them where important documents are and anything else they should know.

5. Be Empathetic

Go into this discussion with empathy. Encourage your family to share their thoughts and feelings. Actively listen and allow everyone to share what they’re thinking while avoiding potential disagreements.

Your family may want more time to consider everything you’ve shared with them. If they need more time, allow them to deliberate on everything and come back to the topic after everyone has had a chance to consider what you’ve shared.

Meet with an advisor and we can help you advocate for yourself and walk you through the process of broaching this subject with your family.