How families can talk about estate planning

On Behalf of | Dec 23, 2019 | Trusts

Nevada families may struggle to talk about estate planning, but it is an important conversation to have. Often, these discussions only occur in the middle of health crises. A better approach is to talk about it early. This can be done with a financial or legal professional present who can advise on the technical elements while the family deals with the emotional aspects.

It is possible to start even earlier. Parents can start teaching their children about their values and the relationship of those values to money when their children are young. This lays the groundwork that will help their children understand their estate planning decisions later. It also ensures that money is not a taboo topic and can help children begin learning about how to manage money responsibly.

Whether the topic of estate planning is initiated by parents or children, it is important to be respectful. Parents can remind their children that it is important to ensure that they have secured their futures. Older children can remind their parents that they want to make sure they have the resources and the ability to take care of them as they age. Even if estate planning is a difficult process, families should stay focused on the final outcome and the peace of mind they will gain from having everything in place.

Many people find that a trust is an excellent vehicle for ensuring that their wishes are carried out. Trusts are powerful documents that can give a person more control over how their assets are managed. A special needs trust may help support a family member who has special needs without interfering with that person’s ability to receive government benefits. Trusts may also protect money from heirs who might be careless with it by only allowing distributions at a trustee’s discretion.