Many people have moved back in with their family as a result of the pandemic and this presents unique opportunities to speak with your adult children about financial topics. Account balances, end of life directives, existing estate planning documents, and priorities are all things that should come up when you have your family members under the same roof.
Many people haven’t answered these important questions much less discuss them with their family members.
Different generations may be able to sit down and discuss these issues openly allowing for the asking and answering of key questions. It can be very uncomfortable in some cases to involve children in discussions of how to handle estates after parents pass away.
Many adult children are not readily willing to discuss these important topics and yet it can make a huge difference in the management of your estate by having these conversations now. The current pandemic has forced many people to step back and question whether or not their existing estate planning tools are aligned with the volatility of current markets.
Understanding the steps you should take to protect yourself and move forward with a thorough strategy can be instrumental in helping you to determine how to proceed and what happens next.
Not everyone needs to be clued into your estate plan, but certain family members should know. To help make the decisions around who belongs in which group, our Pasadena law firm is there to assist and answer some of the key questions for you.
Schedule a consultation today with an estate planning law firm in your area once you have had conversations with your loved ones about your intentions for your medical care, your financial needs and your estate plan.