It is beneficial to discuss estate plans with loved ones, but this is often a difficult conversation to have. Nevada family members may be reluctant to discuss their decisions, financial matters and other sensitive issues related to their wishes for the future, but this is an important conversation to have. By talking about intentions, wishes and plans for the future, complications may be reduced when it is time to settle the estate.
Starting the discussion
One of the most helpful ways to gain an understanding of one’s estate plans and wishes regarding his or her assets is to ask certain types of questions. Some general questions that may be helpful and encourage informative conversations include:
- Are there plans for the succession of a small business and management of business assets?
- Has one considered important medical preferences, creating a living will or health care power of attorney?
- Is there a structure in place that considers what will happen in case of incapacitation or long-term disability?
- Do current plans match current life circumstances, and if not, what changes are necessary?
While it can be uncomfortable to talk to others about their estate plans, this effort may help a loved one face his or her future with confidence.
Set aside the discomfort
Everyone will benefit from having an up-to-date estate plan in place. By asking a loved one about his or her preferences and plans, it may reveal what additions or changes need to be made in a long-term legal and financial planning strategy. For insight regarding estate planning or estate planning conversations, it may be helpful to seek the guidance of a Nevada estate planning attorney.