Tips for Jumpstarting Estate Planning Conversations
Are you avoiding critical conversations about estate planning? If so, you are not alone. Evidence suggests that most adults have not planned ahead in regard to either their financial assets or personal property. A majority of individuals die without a legal will. Even fewer have addressed what should happen to their personal property. A lack of planning and communication too often result in not knowing if you are carrying out a property owner’s wishes, inaccurate assumptions, and regrets of “if only we had talked.”
So, why don't family members talk about issues, which would make things easier?
Many reasons may exist as to why conversations about the passing on of non-titled property may be avoided. Topics related to death and dying may be viewed as inappropriate or disrespectful. Planning for what happens to possessions is to acknowledge the realities of loss of independence and death. Talking about “who should get what” can be sensitive when there are estranged family members, siblings who never get along, or a parent and adult child who find little in common. The potential for conflict is high when there has been a history of challenging family relationships.
Here are 10 tips for talking about inheritance:
If the topic of estate planning and talking about inheritance is something that you would like to learn more about, please consider joining our upcoming program, “Estate Planning,” on November 14th at 6:00PM. For more information, or to register contact Abbi (Sampson) Smith at 765-653-8411 or asmith22@purdue.edu.
Source: University of Minnesota Extension