What’s one thing our clients tell us that they regret not doing earlier?

Maybe you guessed it: it’s having the talk about family assets and healthcare decisions. With family members. Before a crisis occurs.

Estate planning prevents future problems. It goes far beyond distributing assets. A smart estate plan provides security for loved ones, transfers funds to the next generation, minimizes family conflict, and carries out your wishes when you’re no longer able to do so yourself. We know from experience that this works best when families talk openly about the plan.

Ready to talk? Contact us to schedule a Legacy Roundtable with you, your loved ones, your estate attorney, and your financial advisor. We’ll lead it for you.

Still need some convincing? Here is why it’s crucial to have an open discussion about your estate plan.

1. Mutual understanding. Words mean different things to different people. In times of stress or grief, people may miss or mishear details. An open discussion gives you the chance to explain the plan and allows family members to ask questions.
2. Prevent conflict and rivalry. If you’re serious about preventing disputes, now is the time to talk. A family wealth summit is the perfect time to provide context, address concerns, and air disagreements. Once you’ve had a frank conversation with your heirs, you may decide to make some changes to your estate plan.
3. Prepare your family. Managing wealth comes with responsibility. Your heirs need the opportunity to learn what their roles and responsibilities will be, as beneficiaries or executors. Give your family the chance to ask questions and prepare.
4. Introduce trusted advisors. The earlier and more often your loved ones meet with your advisors, the better. Your estate attorney has years of experience guiding loved ones through their new roles and responsibilities in times of crisis. Your loved ones need to know who they can turn to for help—and have built a strong working relationship—before a crisis occurs. We recommend that your financial advisor attend your Legacy Roundtable to provide a high-level view of how your assets are positioned to create generational wealth.
5. Clarity. Estate planning involves legal and financial documents that can be tough to understand. In a family wealth summit, we break it down to make sure that everyone knows exactly what each document means.
6. Make tough decisions easier. Don’t wait to talk about your healthcare directives and who gets a particular family heirloom. Hash it out now, while you’re healthy and you can lead the family discussion to get to a better decision.
7. Build trust and get buy-in. Don’t surprise your family members. Get them involved in the decision-making to build trust and lay the foundation for a better outcome.
8. Avoid lawsuits. The last thing you want is a family dispute or a legal challenge. Get everyone on the same page now to help them work together later.

We know that it’s tough for you and your loved ones to talk about what happens after you’re gone. That’s why we lead Legacy Roundtables for our clients. Our experienced attorneys set the agenda and lead the discussion with compassion and patience.

Contact us to schedule a Legacy Roundtable. We’re here to help you take care of your loved ones and protect your legacy. For members of JM LAW CARES: yes, this is already included in your membership.

This post was created by Avatus Stone, COO & estate planning strategist at JM LAW, PLLC.