As you start to get older, you may want to prioritize planning for the future. It’s understandable to want to make sure your loved ones are taken care of after you’re gone. Regrettably, you never know when it’s your time, so you may want to consider preparing an estate plan sooner rather than later. It can be difficult and awkward to speak to your family about what you are leaving behind, but a Springfield, MO, estate planning lawyer can help you prepare something to discuss.
How to Discuss Your Estate Plan With Your Family
It is vital that you sit down with your family and have a comprehensive discussion about your estate plan before it is too late. If you’re already considering drafting an estate plan, there’s a strong chance you’ve already started thinking about your mortality and what you are going to leave behind for the ones you love. You may have never had this conversation with your family, and they may be unprepared for it. You may want to involve an estate planning lawyer for help.
First, you should consult the Missouri state laws of descent. Your own plan may involve a different line of succession for your estate, which is fine. However, if you pass away without a plan, the court will decide how to divide your estate among the legal beneficiaries. It’s recommended that you periodically review your estate plan and update it every time there is a major change in your family. This includes divorces, births, deaths, and adoptions.
You may want to update your plan after you have had a massive falling out with someone you once trusted. You may not want them to inherit anything from you now. If you get divorced, you may want to remove your ex-spouse as a beneficiary, which may happen automatically in Missouri. Too many people pass away without a specific plan in place for their family, leaving them to scramble, argue, and take their claims to probate court. A thorough estate plan can prevent that.
Taking the Right Steps With Your Family
You may have your own reasons for avoiding such a potentially difficult discussion with your loved ones. Just know that the sooner you have the conversation, the easier it can be to inform everyone and avoid any miscommunications regarding inheritances. It’s important that your family, particularly the named beneficiaries, be made aware of your intentions and included in the overall process. Here are two important steps you can take:
- Include the whole family. Talking about securing your family’s future does not have to be a morbid or even an unpleasant affair. If you involve the whole family, not just your children, everyone can know what you plan to do. When the time does come, they can be prepared for it. Invite cousins, uncles, aunts, grandchildren, and even close family friends. Everyone you expect to include in your estate plan should be aware of their inclusion.
- Pick the right moment. While you don’t have to make this discussion unpleasant, there is still a time and place to do it. Also, discussing it over the phone might not be the right way to go. Pick a time when everyone you plan to speak with can pay attention. Make sure everyone is in the right headspace and not dealing with any significant distractions. You may want to wait for a family gathering. Ultimately, it’s your choice to make.
FAQs
Q: Why Should You Include Your Family in the Estate Planning Process?
A: There are many important reasons why you should include your family in the estate planning process. If certain family members are set to inherit something from you, they should know about it. The last thing you want is for your family to be financially unprepared when you pass away. If you don’t have a plan in place that they know about, they might scramble to figure out what your wishes are. Let them know your intentions.
Q: How Much Does an Estate Planning Lawyer Cost?
A: How much an estate planning lawyer might cost you can vary. Everyone’s estate planning needs are different. Each plan has its own factors, limitations, and specifics that make that plan unique. The more comprehensive the estate plan and the more assets involved, the more your lawyer might charge you. If your case is particularly complicated, that may increase the cost of their services. It depends on the case.
Q: Is an Estate Plan Final?
A: No, an estate plan is not final. You are allowed to change your estate plan whenever you want. It’s your plan, and it’s your estate. As long as you remain of sound mind and can comprehend your intentions, as well as the documents you’re signing, there’s no reason why you couldn’t change your plan. If you don’t know how or want it done quickly, you should consider reaching out to an estate planning lawyer for help.
Q: What Happens If I Die Without a Plan?
A: If you die without an estate plan, then you have passed away intestate. This means the court will distribute your assets in accordance with Missouri intestate laws. Basically, your assets will pass to the closest living relative, even if that’s someone you despise and have no intention of leaving anything to. This is why it’s so important to have a plan in place.
Reach Out to an Estate Planning Lawyer Today
Talking about your death with your family may be a difficult and morbid conversation to have. If you have a significant estate and need to prepare your family to inherit it, it’s a conversation that needs to happen. Depending on your health, you may want to have it quickly. An experienced estate planning lawyer can help you prepare for that conversation and make sure you don’t leave any crucial information out.
The legal team at Stange Law Firm can work with you to prepare an estate plan and update it accordingly when needed. Contact us to speak to someone on our team about our services.
