After setting forth a strategy for the future, many individuals in Louisiana and elsewhere might have concerns about whether to speak with their loved ones about their goals. While it might be helpful to share information on certain estate planning topics, deciding on which topics to cover with loved ones could prove a daunting task. There are also certain factors that could influence one’s choices on what to discuss and addressing these factors could prove integral to making informed decisions.
Experts indicate that there may be various topics that could influence one’s decisions when preparing to share information on estate planning goals, some of which could include:
- Likelihood of conflict: Prior to discussing information with loved ones, it could be helpful to address one’s goals and consider whether the details shared may lead to conflict or unrest.
- Impact on future: Those who are aware that they might receive an inheritance may be more inclined to include such assets in their own strategies for the future, even well before an inheritance is distributed.
- Asset distribution: Individuals who do not plan to distribute possessions evenly among loved ones may also find it helpful to consider how this information might be received.
- Handling an inheritance: In some cases, parents may also have concerns about their child’s ability to manage an inheritance and about how it might affect his or her life decisions.
There are instances in which sharing estate planning preferences with loved ones could prove helpful, such as information pertaining to health care directives and powers of attorney.
With a variety of topics to address, deciding whether to share estate planning information with loved ones can seem a stressful and intimidating task. Prior to choosing a path, those with questions and concerns about such a concept could benefit from seeking legal counsel for advice in addressing their available options. An attorney can work with a client in creating a plan that best aligns with his or her interests and needs and provide further guidance on how best to discuss future goals with loved ones.