Having “The Talk” With Your Family

Did you know that less than half of Americans have an estate plan in place? If a loved one should become ill or pass away without an estate plan, it could lead to added emotional strain and stress during a difficult time. And it could have financial implications for the entire family.

Talking about estate planning is probably not a discussion everyone looks forward to, but you need to have the talk.

Plan What You Can While You Can

Make a list of the concerns you may have if anyone should have an illness, injury or other emergency, or pass away. If you or a family member should be unable to take care of your own finances or healthcare decisions, who should speak on your or their behalf?  If you have minor children, who should be in charge of their care?

Having answers to questions like these not only gives you peace of mind, but they can ease everyone’s mind about difficult decisions in future stressful situations.

The following tips can help guide you through the conversation.

Talk About a General Durable Power of Attorney for Finances

If you should be unable to take care of paying your bills or access your bank accounts, who would you trust to take over your finances? If you travel, you may be stranded away from home for a period of time, or an emergency may arise while you are away. An injury or illness may require an extended hospital stay. Having an agent appointed in a General Durable Power of Attorney will allow that person to take care of things for you.

Discuss Healthcare Powers of Attorney

Who do family members want to make medical decisions for them if they become incapable of making those decisions themselves? What care would they like and whether life support should be used to keep them alive or not if they are in an end-of-life situation? Who they want to have access to their private healthcare information from doctors and healthcare providers? Would they consider being an organ donor? A healthcare agent can convey their healthcare wishes and make decisions based on their instructions. 

Address the Topic of a Wills or Trusts

Determine whether there are existing wills or trusts in place and whether the documents are up to date. If they were created more than five years ago, they should be reviewed to ensure they still reflect their wishes. Establish where they keep the documents and confirm who they’ve appointed to be in charge.

After You Have “The Talk”

If your loved ones don’t have legal estate planning documents in place that convey their wishes; or if they have documents in place that are more than five years old, encourage them to talk to an experienced estate planning attorney, like Joplin Elder Law. We offer a free initial consultation to help your family get the peace of mind you deserve.