Your estate plan can provide your surviving family members with support after your death. However, a vague description of your final wishes, as well as forgetting to update your plan could cause confusion and tension.
Your desire to prevent familial discord after your death may guide your actions as you write your plan. Using thoughtful strategies and mindfully keeping your family informed may encourage unity.
Start planning right away
Waiting until critical situations to implement an estate plan can undermine your legacy. Plan participants, yourself included, may struggle under the pressure of needing to make immediate decisions. Contrarily, starting to plan for the future plenty of time in advance may eliminate chaos and confusion.
Throughout your life, you may encounter situations that impact your plan. Addressing these changes immediately can keep your plan intact. For example, a move across state lines, a divorce, the births of grandchildren and even changes to tax laws are all reasons to update your plan. Aside from major events, conducting a periodic review can help you verify that everything continues to apply.
Discuss your intentions
Talking about your end-of-life wishes with your family is an excellent way to reduce confusion. When your family has a clear picture of what you want, they can spend less time trying to decipher your desires. According to MarketWatch, during your discussion about estate planning, focus your attention on the values you wish for your family to uphold. This approach may turn everyone’s differing opinions about your monetary decisions toward the mutual understanding of family values.
Your decision to write a thorough plan and then describe your intentions to your family can make a difference in their understanding. With everyone on the same page, you may effectively circumvent an estate dispute before it disrupts your legacy.