No one likes to think about death, but it’s a reality that we all have to face. One of the most difficult aspects of estate planning is discussing it with your partner. It can be tough to broach the topic, but it’s important to do so in order to make sure your loved ones are taken care of after you’re gone. Here are 5 tips for having a smooth discussion about estate planning with your partner:
1. Discussing Estate Planning Can Be Emotional, So Try To Stay Calm and Rational.
It’s important to have a calm and rational discussion about estate planning with your partner. This is a sensitive topic, so it’s understandable if emotions start to run high. However, it’s important to try to stay calm and rational in order to have a productive conversation.
If things start to get too emotional, take a break and come back to the discussion when you’re both in a better frame of mind.
2. Make Sure You Both Have All the Facts Before Making Any Decisions.
Before making any decisions about your estate plan, it’s important to make sure that you and your partner are both well-informed. Discuss what assets you have, what debts you owe, and what your wishes are for after you’re gone. Once you have all the facts, you can start to make informed decisions about your estate plan.
If you’re not sure where to start, consider talking to a financial advisor or estate planning attorney. They can help you understand the process and make sure you’re making the best decisions for your situation.
If you have young children, it’s also important to think about who will care for them if something happens to you. Discuss your wishes with your partner and make sure you have a plan in place.
3. Discuss What You Want Your Loved Ones To Know About Your Estate Plan.
Your estate plan is a way to protect your loved ones after you’re gone. Discuss what you want them to know about your plan and how you want them to be taken care of. It’s also important to make sure they know where to find your estate planning documents.
Making sure your loved ones are taken care of after you’re gone is a top priority. Discussing your estate plan with your partner is the best way to make sure they’re prepared for what’s to come.
4. Be Prepared for Some Disagreements.
It’s normal to have some disagreements when discussing your estate plan with your partner. You may have different ideas about what you want or how you want your assets to be distributed. Try to be understanding and open-minded during these conversations.
It’s important to remember that you’re both working towards the same goal: making sure your loved ones are taken care of after you’re gone.
If you can’t seem to come to an agreement, consider talking to a mediator or estate planning attorney. They can help you work through your disagreements and come up with a plan that works for both of you.
5. Discuss Your Plan Regularly To Make Sure It’s Up-to-Date.
Your estate plan should be reviewed regularly to make sure it’s still up-to-date. Things such as marriage, divorce, birth, and death can all affect your estate plan. As your life changes, so should your estate plan.
Discussing your estate plan with your partner on a regular basis will help ensure that it’s always accurate and up-to-date.
Estate planning is an important part of protecting your loved ones after you’re gone. Discussing your estate plan with your partner is the best way to make sure they’re prepared for what’s to come. Use these tips to have a smooth and productive conversation about your estate plan.
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Tamila McDonald
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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