If you own property, it’s important that your loved ones know what to do with it after you pass. You can spell out what you want to have happen with a Georgia home or other items by writing a will or creating a trust. It is also a good idea to have regular conversations with your family to ensure that they can settle your affairs in a timely and satisfactory way.
Who should be involved in these conversations?
Anyone who stands to receive a portion of your estate after your death should be involved in estate planning conversations. The same is true of anyone who is going to serve as your estate representative or trustee. Providing these individuals with inside information about your estate plan allows them to understand why it is structured in a certain way.
It can also help to quell any hard feelings that a beneficiary may have if he or she is not getting as large of an inheritance as a sibling, parent or charitable organization. Generally speaking, people will respect your wishes if you are upfront about them, even if they don’t agree with what you are planning to do.
What should you talk about?
It’s worth noting that you don’t have to disclose every detail about your plan to all of your family members. For instance, you may want to have more general conversations with younger beneficiaries about the importance of planning and how to be responsible with money. However, when talking to estate representatives, trustees or people with similar roles, it is a good idea to ensure that they know as much as possible about your plan.
Ideally, your family members will know as much as they need to about what should happen after you pass while you are still alive. This may minimize the risk of a legal challenge or other issues arising that delay the execution of your estate plan. Adequate communication may also minimize the risk of conflicts arising between family members when you are no longer around.