One of an adult’s most important tasks is getting their estate plan in order. This provides instructions for your loved ones to distribute your assets after you pass away. While some estate plans are straightforward, there are times when some of the heirs and beneficiaries may have questions about what’s going to happen.
It’s usually best to let your loved ones know about your estate plan so they can ask you questions and ensure they understand everything. This isn’t an easy discussion, so consider these tips to help you.
1. Choose a time when you won’t be rushed or distracted
Choosing the right time to talk to your heirs and beneficiaries is critical because this can be a stressful topic. Try to find a time when nobody has to rush off and everyone you need to speak to will be well rested. While some people may prefer to tell everyone in the estate plan about the contents simultaneously, others prefer to talk to everyone separately. Think about how everyone will receive the information so you can decide which is better.
2. Be open, honest and compassionate about your message
You should be open and honest about what’s in your estate plan, but you must remain compassionate. Discussing your death may be difficult for your loved ones. While you’re talking, be prepared to answer questions that might come up.
Your estate plan must reflect your wishes, so don’t allow anyone to convince you to change how you set it up. Once you have everything set, review the documents periodically, including after major life changes, so you can ensure it still does what you want it to do.