Talking about death is never easy for close-knit Texas families. The topic of dying always seems to be something that people are reluctant to discuss. However, when you are considering estate planning, it is always a good idea to involve those family members who are going to receive your inheritance.
There are several reasons why this type of discussion is significant for you and your relatives, as specific issues need addressing while you are in a position to do so. It is easier to do this when you are in good health and when there is no pressure to make decisions in a hurry. Forbes notes that in addition to your will, the various topics you cover should include:
- Trusts you may have
- Life insurance information
- The contents of your estate
- Medical directives and preferences
In addition, you should decide who you wish to have as your executor and Power of Attorney (POA) for financial and medical matters. One person can be POA for both affairs, or you can ask two people to fill those roles. And, if there are minor children involved, you need to decide who should be their guardian and make directives for how you wish to have them raised.
By conducting these conversations now, you have the opportunity to enlighten your family members as to why you have made certain decisions about how your assets are to be allocated. Providing an explanation gives people a chance to understand and ask questions about your decision now rather than potentially triggering hurt feelings later on.