Some in New Jersey have done their part to continue taking care of their families after they pass away. That said, creating an estate plan is one thing, but talking about that plan is something else entirely.
Cadence Bank provides advice for those unsure of how to discuss their estate plans with family. This vital conversation is one of the most important that a person can have in her or his life.
Lend adult children a guiding hand
Children and other beneficiaries should have the state of mind to absorb and understand the discussion taking place. This is because they have to comprehend the making of specific decisions concerning the estate. Additionally, they may have roles to fill as executors.
Prepare family for their role
Speaking of executors, anyone named as a power of attorney or health care directive should know of her or his role. The person needs to have time to prepare. On the other hand, the person may feel she or he is ill-suited for the role.
Let family know where the will is
As pointed out by MarketWatch, family members need to know where they can find a will. Including contact information for the legal professionals who helped make the will is a good idea. The same applies to letting family members know the location of life and health insurance policies.
Provide a breakdown of accounts
Adult children need to know what accounts their parents own. This includes not only regular checking and savings accounts, but also accounts for unpaid debts.
Talking to kids about estate planning benefits everyone involved. Doing so can help save a lot of money and time in the long run.
