Like many Florida residents, you have worked hard and may have acquired a substantial amount of wealth throughout the years. While it is a source of pride to pass these assets down to your family, it is also a difficult topic to initiate with your loved ones. Here is some information about how to begin this conversation with your family.
According to Forbes, involving your family members in estate planning should be at the top of your priorities. First, it is essential when you are in good shape mentally and physically to convey your wishes for your future medical care. Second, informing your relatives of your legacy can avoid nasty surprises in the future. This is especially true when you have reasons why you might divide some assets – such as the family home – unequally. Also, you need to discuss how to best divide responsibilities among your survivors later on.
Although raising this topic is never easy, if you have a plan for this dialogue it should go more smoothly. You might choose to mention something you have recently read about estate planning and then segue the discussion into a more personal nature. Or, you can reference your financial planner as a starting point.
Once you raise this topic, be sure to talk specifically about what is included in your estate. Cover the various types of insurance you have, such as life, medical and long-term care insurance. It is also important to talk about who you wish to give the following roles to:
- Executor of the estate
- Medical Power of Attorney
- Financial Power of Attorney
- Guardian of any minor children
The following information is provided for educational purposes only and should not be interpreted as legal advice.