Planning your estate plenty of time in advance from when you will need it enables you to take your time making confident decisions about your future. Without the pressure of needing to make decisions right away, you can accurately assess your end-of-life wishes and their impact on your surviving family members.
One challenge you may face is deciding how to distribute your assets amongst your family members. Failure to communicate your intentions or provide context to your decisions may increase the chances of family disputes after your death.
Creating rules and expectations
In an analogy given by AARP, experts suggest treating your estate as a business. You are the boss and have the power to create rules and identify your expectations. Implementing rules early on will make it clear to your family members that you care about each of their well-being.
Another suggestion is that you be as equitable as possible in dispersing your assets. Should distributions vary in worth, provide a clear explanation to your family to provide reassurance and encourage understanding.
Building trust and support
Establishing open communication with your family regarding your estate plan can aid in building trust. When your family knows that you care deeply about them and their future and have made every decision with care, they may feel more incentivized to support your intentions. With a mutual understanding of how everyone will benefit, your surviving family members can stay focused on providing each other with comfort and support after your death.
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