Family meetings ensure transparency, align wishes, and can prevent misunderstandings.
“Estate planning is gloomy”.
“Sharing wishes with my loved ones adds an extra burden for them”.
“I don’t feel comfortable discussing finances with children/family”.
If you have these thoughts whenever you think about preparing your estate plan, then it is time to change your perspective.
The more involved your loved ones are in your plan the easier it will be for everyone. Discussing your wishes early, and revisiting periodically, will take the guess work out of decisions should you become incapacitated or upon your death.
A family meeting is a beneficial way to ensure all family members are on the same page. An additional benefit to reviewing your intent is there will be no question you were of sound mind when you made your estate plan. Reviewing the ultimate distribution of assets will help alleviate disagreements between beneficiaries later.
By following a few simples rules your family can begin the process of having productive family meetings.
Rules:
- All family members include agenda items – this will allow each member of the family to feel valued and included.
- Goals and action items are reviewed and set at each meeting – this will keep everyone on track and help set agenda for the next meeting.
- Meetings include time for Q&A – this will ensure all questions are asked and answered.
Meetings can, and should, incorporate an educational component as well. This doesn’t have to be included in every meeting. Members of the “Professional Team” including Trust Officer, Financial Planner, Accountant and Attorney should attend on a regular basis and can provide valuable insight and clarification on various topics.
For more information on estate and trust planning and administration, contact me at 860.567.6405 or kdowney@unionsavings.com.
