Estate Planning That Reflects Who You Are: 5 Key Conversations with Your Family
When you create your estate plan, you’re thinking about passing down your assets, but what about your wisdom? To ensure your wealth, experiences, and values are truly carried forward, it might be helpful to have a family meeting to discuss your finances, legacy, and core beliefs.
Many families lead busy lives, with in-person gatherings limited to holidays. Estate planning presents a perfect opportunity to bring everyone together outside of those occasions—even if some family members need to join via video call.
Collaborating with your estate planning attorney and other trusted advisors can make this process smooth and even enjoyable. However, including your family in the conversation can be even more meaningful, as it gives them a chance to learn about you in a new way and share their own memories. Here are some important topics to discuss at your family meeting:
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Your Life Story You might think you've shared everything about your life, but have you ever considered recording your personal story? These recordings will become cherished keepsakes, both while you're here and after you're gone. Encourage family members to ask about your fondest memories and biggest challenges. These stories will create a time capsule that captures your personality, life experiences, and the lessons you've learned. Your family will treasure this insight into your life.
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How You Want Your Wishes Honored Estate planning requires tough decisions about your long-term care, the people who will manage your finances and medical affairs if you're unable to, and how your wealth and property should be distributed after your passing. While these discussions may feel difficult, explaining your choices will help your family understand your instructions when they need to follow them.
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Your Family History Your family may want to know more than just your personal story. Take the time to explore your family tree and answer questions from younger generations about your shared heritage. Providing a written or digital family tree is a valuable gift that can be referenced and expanded upon for years to come.
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Meaningful Heirlooms Most families have heirlooms that carry sentimental value, whether it’s antique furniture, jewelry, collectibles, or memorabilia. While your estate plan might focus on passing down these objects, it’s important to preserve the stories behind them. Writing down or recording the significance of these items can be more meaningful than just their monetary worth.
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Your Core Values Your estate plan can reflect your values, ensuring that your principles continue to guide future generations. Tools like educational, incentive, and charitable trusts allow you to weave your beliefs into your estate plan while giving beneficiaries the freedom to live according to their own paths.
Remember, you are so much more than the wealth you’ve accumulated. Your estate plan should reflect more than just your financial assets—it can also carry your wisdom, experiences, and values. After all, the life lessons passed down can have more impact than numbers on paper.
We’re here to help you create an estate plan that represents who you are and what you believe. Let us guide you through discussing these topics with your family and incorporating them into your estate planning. Contact us today to get started!