As an estate planning and elder law firm, we strive to provide all of our clients with the tools and strategies they need to prepare for whatever comes along, including wills, trusts, advanced directives, and more. This month we've been focusing on these topics as part of Estate Planning Awareness Month and Long-Term Care Planning Month. While it is vitally important for you to have estate planning documents in place, it is equally important to talk to your family about them.
It is entirely possible that your children and other loved ones would like to know, for example, how you want to be cared for in the event of incapacity or an end-of-life situation. But do your loved ones know that you have made your wishes clear through advanced directives and the thinking behind the choices you made? Do they know that you have created a power of attorney that allows a person of your choosing to make medical and/or financial decisions on your behalf? Even if they understand that you have done so, do they know where the documents can be found? If the documents are on your computer, do your loved ones know what file name or password must be used to access them?
Similarly, your children may wonder about your financial situation. Is your house paid for, or are you carrying a mortgage that will need to be covered if you pass away suddenly? What about your automobile? Have you created a will or trust, and if so, do your children stand to inherit any assets? Your children may be hesitant to ask questions such as these for fear of appearing greedy or insensitive. Yet they may also need this information to do proper estate planning of their own.
We understand how difficult it is to begin a conversation of this nature and can help you find the best ways to begin one with your loved ones. Experience tells us that families who can open up in this manner draw closer together and feel a sense of relief afterward. It's one of the ways you can protect those that need it most. Let our team help you and your family navigate this season of life. Give us a call to review your estate plan and we can discuss specifically how to share aspects of your plan with your family. Set up your complimentary consultation by calling us at 260-969-1177.