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Why you should talk to your loved ones about your estate plan

On Behalf of | Nov 24, 2022 | Estate Planning |

You may be one of the many people who avoid considering your own mortality or thinking about what could happen after you pass. It is not a pleasant thought to consider your passing, but it is important to plan for the future. By creating an estate plan, you can have control over what happens to your property and with your personal health care in the event that you are unable to speak for yourself.  

Creating an estate plan is only the first step. It is also critical to communicate your wishes regarding your care with your loved ones. There are many important reasons to do this, including assurance that others carry out your wishes as you intended. Discussing your plans also gives you the opportunity to ensure that everyone understands your intentions, which may reduce the chance of conflict and confusion among your heirs and beneficiaries. 

Explaining your intentions 

Many of the conflicts that arise during the administration of a Texas estate start with a misunderstanding over the intentions of the deceased. For example, your children may not understand why you left more to one sibling than another, but you may have simply wanted to provide for an adult child who may not earn as much as his or her siblings. When the appropriate parties understand why you did what you did, they may be less likely to fight among themselves or initiate a complex court battle. 

Despite the importance of discussing plans with loved ones, many people skip this important step. It can feel embarrassing to discuss money matters with adult children or other loved ones, or you may simply want to protect your privacy. You may also feel that communicating your wishes could create conflict. While this conversation may feel difficult, you can maintain control over certain aspects, such as where to have the conversation and who should be familiar with your plans. 

A strong foundation 

It is in your interests to create a complete estate plan based on your personal objectives and wishes. It is impossible to know what will happen in the future, which is why delaying the estate planning process is risky. If you do not have an estate plan, or you are not sure of how to discuss your plans with a loved one, you may find it helpful to speak with a knowledgeable professional about your options.