Planning for the future is a deeply personal and individual process. People make estate planning decisions based on their individual needs and personal goals for their property, and there is no one-size-fits-all approach to this. Because of the personal nature of estate planning, many people refrain from discussing this with others. They do not feel the need to let others in on their private thoughts and sensitive information about their finances.
You may want to keep the terms of your estate plan private. You may not feel comfortable or obligated to discuss these matters with others, but there are reasons why you may actually benefit from doing so. Discussing your plans with your New York family members may be beneficial for you, as well as for your heirs and beneficiaries.
Setting discomfort aside
As you consider your future, you will decide what will happen to your personal property after you pass and what types of medical care you may want in case of incapacitation. These are sensitive matters, but there are reasons why you may want to discuss your estate plans with your loved ones and others despite how you feel. Consider the following:
- Your loved ones may benefit from understanding the intent behind your decisions as this could help prevent confusion and complications.
- When your loved ones know what to expect, there will not be any delays in putting your requests and plans into place when the time comes.
- This discussion could help your loved ones prepare for important tax-related matters that could impact them in the future after receiving estate assets.
- You will have the ability to control how to present your decisions and discuss any confusion that may arise.
This discussion is important, even if it is uncomfortable. Before you have this conversation, however, you will benefit from ensuring you have a complete and thoughtfully crafted estate plan in place.
Your future starts now
The intent of having a complete estate plan is to ensure that you have the final say over certain legal and financial matters that may arise in the future. By discussing these plans, explaining your intentions and taking other steps, you can feel certain that you will have more control over matters. This discussion is also an act of love as you explain to your loved ones, heirs and beneficiaries the details of your plans and why these details are important to you.