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The value of involving your family in estate planning

On Behalf of | Nov 30, 2020 | Firm News |

An effective estate plan has many moving pieces and parts that work together to achieve your final wishes. Often, its effective execution will require the support of many people to guarantee it functions according to your desires.

Throughout the development of your estate plan, you can benefit from involving your family in the process. Sharing your intentions and working as a family to make decisions can help to cement your legacy.

The power of communication

Regardless of the level of involvement your family has with planning, communication is a powerful tool to inform your family of what to expect. According to Fidelity, encouraging conversation about planning an estate can have long-lasting benefits including the chance to instill your values in your family members. You can address different scenarios if you suffered incapacitation to give you family the confidence to make decisions on your behalf.

You can empower your family to participate and encourage them to start thinking about an estate plan of their own. Be strategic and sensitive in bringing up the topic of estate planning and encourage group decisions when appropriate.

The value of teamwork

One advantage to involving your family in the estate planning process is the ability to reduce the risk of probate and family drama after your death. When your family has had ample time to learn about the function of your plan and have worked as a team to facilitate its execution, they may feel increased comradery and respect. This will allow them to focus on remembering your legacy and carrying it on after your death rather than bickering with each other about what you would have wanted.