It is undoubtedly great to have an estate plan to provide for family and loved ones in Tennessee, but it is even better to let loved ones know about estate plans. That said, discussions of death are not easy to have.
According to AARP, only four in 10 American adults have drawn up a living trust. Those among that one in four should learn how to talk about their preparation with friends and family.
Wells Fargo recommends looking for natural opportunities to bring up an estate plan. Maybe a family friend recently passed, or perhaps an adult child mentions something about a trust. This is a good time to spark a conversation about an estate.
Let loved ones know how to handle assets
An illness or accident could render a person incapacitated and unable to have a say in her or his medical treatment. By sharing an estate plan with loved ones, those individuals have an idea of how the person wants her or his assets and medical decisions handled. Forging ahead can make hard decisions easier for friends and family.
There could be controversy and conflict when a person announces how she or he wants assets handled after death. By discussing an estate while alive, friends and family have a chance to ask questions about their inheritance. Face-to-face availability and a willingness to answer questions may help diffuse bad blood that can fester in the family for years to come after one’s passing.
It is good to consult a financial advisor or CPA about sharing estate plans with loved ones. Such professionals can make themselves available for financial questions a person cannot answer alone.