- Your assets and how you want them distributed: Talk to your family about your assets, including your home, savings, investments, and other property. Discuss how you want these assets distributed after you pass away and consider any special needs or circumstances that may affect your decisions.
- Your healthcare wishes: Discuss your healthcare wishes with your family, including any preferences for end-of-life care. Consider appointing a healthcare power of attorney and discuss your wishes with the person you choose.
- Your funeral or memorial service: Discuss your preferences for your funeral or memorial service with your family, including any religious or cultural customs that you want to be followed.
- Your will and other estate planning documents: Explain the purpose and importance of your will and other estate planning documents, such as trusts, powers of attorney, and advance directives. Discuss who will be responsible for carrying out your wishes, such as the executor of your will or the trustee of a trust.
- Your plans for charitable giving: If you plan to make charitable donations as part of your estate plan, discuss your intentions with your family and explain why these causes are important to you.
- Your plans for distributing your wealth at your or your spouse’s death: It is important to outline who and how much of anything you own at death your loved ones should receive. Life is dynamic and many unforeseen circumstances can take place over the course of it. Just as life changes so can your estate plan.
- Your plans for leaving a family legacy: There are many ways to leave a legacy, and, in this instance, you can discuss your legacy with your family about giving or leaving something that commemorates your life. This can be in the form of leaving a family vacation home to grandchildren, a charitable trust as mentioned above, or achieving a specific purpose such as education, insurance proceeds, sentimental objects, or writings and photos that family and friends can cherish.
- Your plans for Old Age and Long-Term Care: It is best to discuss with your family how you or your surviving spouse would like to be taken care of when you aren’t able to.
If you do not discuss your estate plan with your family, there are several risks that can arise, including:
- Confusion: If your family is not aware of your wishes and the details of your estate plan, they may be confused about what you wanted to happen after you pass away. This can lead to disagreements and misunderstandings and can even result in legal challenges to your estate plan.
- Family conflicts: Without clear communication about your estate plan, family members may feel hurt, left out, or resentful. This can lead to conflicts among family members that can last long after you are gone.
- Unintended consequences: If your family is not aware of the details of your estate plan, there is a risk that unintended consequences can result. For example, if you have multiple children and one child receives a larger share of your estate than the others, this can create tension and conflicts if the other children are not aware of your reasons for doing so.
- Delayed administration: If your family is not aware of your estate plan, the process of administering your estate after you pass away may be delayed or disrupted. This can result in additional costs and legal challenges and can make it more difficult for your loved ones to move on after your death.
By discussing your estate plan with your family, you can help avoid these risks and ensure that everyone is on the same page when it comes to your wishes and intentions. It is important to have clear and open communication about your estate plan to help minimize the risk of conflicts and misunderstandings after you are gone.
It is also a good idea to consult with an experienced estate planning attorney to ensure that your estate plan is legally sound and reflects your goals and wishes. We serve families living in Virginia, the District of Columbia, and Maryland. Call us today at 703-558-9311 to schedule your free consultation with us or click here to fill out the form and we will contact you.