As you know, matters of estate planning do not end once you have created the estate plan. You must continually update and maintain it throughout the years. After all, an estate plan must reflect your most recent life circumstances.
You should also consider discussing your estate plan with your family and loved ones. Though it does not come to mind right away when discussing end of life planning, keeping your family in the loop is crucial.
Let your loved ones have a say
Keeping your family in the loop is also stressful, unfortunately. No one enjoys talking about finances or death, after all. But Market Watch offers advice on discussing your estate plan with as little conflict as possible.
First, give your loved ones some measure of control. For example, you can let them set the time and date for the discussion as long as it is within a reasonable timeframe. You can also open up for questions or even suggestions at the end of the discussion. This can help clear up any lingering confusion. It can also provide unique insight and opinions that may help you build a better estate plan.
Understand this is a tricky topic
Next, acknowledge how hard the topic is. Understand that some loved ones will react with hesitation. Some may even feel upset and may not want to participate. Try not to force people into participation. Instead, try explaining exactly why this conversation is important to you and all beneficiaries.
Finally, rely on a third party mediator if necessary. Even functional families struggle when it comes to talk of finances. A mediator can help stop arguments before they start and alleviate misunderstandings. They can provide a better conversational experience for all parties, which should be one of your ultimate goals.