Sharing Your Thoughts While Planning Your Estate

In all walks of life open and honest communication is usually going to be a good thing, and this is true when it comes to estate planning. There is a dichotomy of sorts however because a lot of people like to keep their financial situation confidential, and this confidentiality can even extend to family members. When your loved ones are not apprised of your intentions, there can be disagreements that arise after you pass away. Some of them are unavoidable, but others can be prevented through some simple communication.

For example, you may leave a particular possession to one individual who really doesn’t care that much about it at all. Meanwhile, another family member can be upset by this because he or she was really attached to it sentimentally. There are other times when people don’t really get specific about the distribution of certain possessions that are not particularly valuable monetarily. They assume that their family members will be able to work it all out among themselves. Unfortunately, everyone doesn’t always see eye to eye and this can lead to disagreements as well.

Another thing to consider is the matter of incapacity planning. If you were to become unable to make sound medical and financial decisions you’re going to want to have representatives in place to make these decisions for you. This is a matter that would logically be discussed with the members of your family. How you feel about possible long-term care would be another matter that you may want to open up about to your loved ones.

If you talk about things as a family there will be no surprises later on. When you pass away an important link in the family chain will be missing, but when you foster a cooperative environment through positive communication among your loved ones you lay the foundation for a strong and supportive family dynamic after you’re gone.

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Alan Augulis, Estate Planning Attorney

Mr. Augulis founded his Warren, New Jersey law firm so that he could focus his practice in the areas of advanced estate planning and tax law. Mr. Augulis has invested considerable time and energy helping to educate others on the topic of estate planning and has become a sought-after speaker in the tax and estate planning arena because of his informative and entertaining seminars.

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