The Best Time to Talk About Death is Before You Die

The problems that can start when a loved one passes away can tear a family apart. Getting your family together to talk about death is a great first step. In a previous post, we told you about the unique approach some families are taking to do just that. This conversation can help ensure that your assets are left to the people you deem fit once you are gone. You don’t want your family ending up in a War of the Roses about your finances and property.You should make some basic decisions about your Will before meeting with your family. Think about what you want your money to achieve. Your priorities might include making sure your spouse is provided for, ensuring your children or grandchildren get a good education or supporting a favorite charity. You should set down the basics of what will be included in your Will before discussing it with your family.First, make a list of people or organizations you want to include in your Will. These people are called Beneficiaries. Next, write down your assets and estimates of their value. Start with the assets that are easiest to value, such as your savings, or valuable objects like jewelry or heirlooms. After that, move on to things that may change in value such as property, land, stock investments, your pension or your business. Lastly, think about any sentimental items you want particular people to have.This is where problems might arise. Perhaps you choose to leave more money to one child because, in your judgment, that child has more of a need for your assets than another. While you may have a very good reason for your actions, your family may see this as unfair without an explanation. A discussion with your loved ones could prevent years of turmoil and family conflict after your death.While it is important for you to have a Last Will and Testament, it is especially paramount if you have minor children. One of the most important aspects of planning your Will is deciding whether to set safeguards for the protection of a child or other dependent. You can ensure these safeguards by setting up a Trust, which can be managed by someone you are sure will act in the best interest of your Beneficiary. A Trust contained within your Will provides a legally binding contract that ensures your children are cared for in accordance with your wishes.Choosing an Executor is also an important decision to make. This person is charged with making sure all of the details in your Will are carried out. It is important to talk to this chosen individual and discuss the responsibilities associated with the job of Executor. In addition to ensuring your final wishes are carried out, your Executor may also handle matters such as paying your utility bills, canceling your cell phone plan, contacting the benefits department of your employer to ensure your survivors get everything that is due to them, filing your tax returns and deactivating your social media accounts.Another necessary conversation that should occur before your death is with the future guardian of your children. While you may have set aside an adequate amount of financial support for the care of your children, it can be difficult to ask someone to take on this life-altering commitment. It may help to let the guardian know why you selected them, as well as the general provisions regarding your children in your Will.Once you have these important conversations with your friends and family, we have the forms and documents you need to create your Will and other Estate Planning documents online.You can also email me at thea@perkinsroadnotary.com to get started today.—Thea R. Scott is a Louisiana Notary. Contact her today for all of your Will and Estate Planning needs.