Proper estate planning advice and preparing a Will that outlines your intentions when you pass away is a gift to your family in very difficult and stressful time. Whether it is your intention to distribute your estate equally amongst your children, or you have complex relationships with potential conflict, it important to clarify your wishes.
Starting the conversation can be difficult. Many people find thinking about their own mortality incredibly challenging or uncomfortable, but it is important. If your loved ones have no instructions or confirmation as to whether you have a Will, it can cause confusion and stress. Let alone if a dispute occurs.
The discussion about your succession plans can be as simple as informing your loved ones who your lawyer is and where your original Will is held. For families with complex assets their instructions may be more in depth, with some guidance regarding what to do with specific assets such as running a business. In doing so, parents can explain to their children why certain decisions have been made and adopt feedback where necessary.
Having an open and honest conversation with your loved ones about your estate planning can foster understanding and harmony within your family. Renowned investor Warren Buffett commented that he has witnessed cases where a wealthy parent's will that was fully discussed before death helped the family become closer. The famous investor has seen firsthand how transparency prevents family disputes.
Administering an estate is often coupled with grief and having clear directions can be beneficial for your family.
Why Talking About Your Will Matters
Clear Directions
Even if you don't intend to discuss the contents of your Will, giving clear directions to your family on where a Will is or what assets you have will mean administering your estate will be easier. There have been instances where clients have experienced significant headaches reconciling their late family members affairs. You can also share your values, such as clarifying philanthropic goals when gifting money to a charitable purpose.
Avoid Misunderstandings and Conflict
Many families experience discord when Wills are read after a loved
one's passing. This often arises from unclear or unexpected
clauses that may leave beneficiaries confused or angry. Discussing
your intentions can give clarity to why you have made this decision
and prevent disputes arising. Receiving professional advice can
also help you phrase your intentions in way that reduces ambiguity
and ensure they will be carried out.
Foster Family Unity
Open conversations about your estate planning can bring families
closer together. Transparency breeds trust and understanding. This
becomes crucial with more high value or complex assets or
businesses where you may need to pass control to only one child. By
sharing the reasoning behind your decisions, you can help your
family navigate emotional complexities without guesswork. As a
matter of practicality, this discussion will provide the
opportunity to imparting your knowledge and wisdom, easing the
transition.
Having a Will prepared by a Wills and Estate lawyer can ensure your wishes are met, legal questions are addressed, and unnecessary drama is eliminated.
The Legacy of Transparency
At PCL Lawyers we understand the process of estate planning is deeply personal, and very individual. Discussing your intentions can help ensure a smoother and less stressful process for your loved ones after your death. Even if it is simply only where to find your Will and critical records.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
