Do you know that only a little over a quarter of the people who have estate plans have discussed their plans with their children? The topics of death and money are not subjects that families frequently discuss. In fact, most families shy away from discussing wealth, debt, and estate planning matters.
While parents may fear discussing death and their estate planning intentions with their children because of the discomfort surrounding these topics, not discussing these important plans can be even more embarrassing.
Many people have taken the time and effort to create wills, trusts, and life insurance plans but have never discussed their estate plans with their families. When people fail to discuss sensitive topics like this, an estate plan can go terribly wrong. When no one knows about the life insurance policy or which heir will receive which sentimental item, problems could arise.
Even if you hire the best estate planning lawyer and every “i” was dotted and “t” was crossed, things can go wrong when families don’t communicate their plans. Failure to discuss Georgia estate plans can lead to family issues in the following areas:
- Financial issues – What if you became ill and your adult children started caring for you or placed you in a nursing home? During this time, your children thought they were helping by closing your bank account out; however, it stopped the payment to your life insurance account that they didn’t know about.
- Family relationship issues – Many families are torn apart because brothers and sisters are filled with envy about what the other sibling inherited. This can be avoided by speaking with your adult children about which items are important to them and how to fairly divide up items of sentimental value.
In order to avoid family conflicts when you are gone and to not leave your children with a mess, our Georgia estate planning lawyers recommend communicating with your heirs ahead of time to let your family know your plans, who gets what when you pass away, and to get help from them coming to an agreement on cherished and sentimental objects.
While many families don’t want to deal with death and finances due to the animosity it may cause, it will be worse when you are gone and can’t control the matter or deal with it. By having a conversation about your plans, you can express to your children your intentions behind your decisions.
For help with your Georgia estate planning needs, call a Peachtree City estate planning lawyer at the Law Offices of Shane Smith. Call (770) 487-8999 today.