Saturday, August 17, 2013

The Family Meeting - Sharing Your Estate Plan

Frequently, having a family meeting about your estate plan may help you with your goals of protecting and providing for your family.  A family meeting often will help in generally preparing your beneficiaries for future inheritances and responsibilities (or lack thereof).  Because every family situation is unique, general discussion of strategies and expectations is your personal decision as you are not required to share your estate plan with anyone.

However, it is important to consider if and when to involve family in your estate planning through broader discussions with your estate planning lawyer, your financial advisor, and your accountant.  For example, adult children may need to know where your bank and investment accounts are held, especially if they will play a role as the successor trustee or executor in the future.

Working with your qualified estate planning lawyer will help answer your questions about how and when to involve your family in your estate plan.