Talking about your mortality and what you want to happen to your wealth when you are gone may seem awkward. In fact, talking about death and money at the same time can be taboo in most households – so this conversation rarely happens.
However, no matter how controversial and uncomfortable this conversation might be, it is far better to hold it while you are still around. Having a candid talk about your will with your loved ones can go a long way in reducing the likelihood of a dispute over your will.
So, how do you hold this conversation? Here are two tips that can help make the conversation around your will as fruitful as possible:
Be clear about your reasoning
It is important that you are clear about why you are having this conversation. Perhaps you might want to start by looking at the touchy areas.
For instance, if you plan on leaving one child more inheritance than the others, could it be because that child’s needs are great? Are you planning to set aside certain assets specifically for your children’s education? Valid explanations for your decisions (and getting everyone to understand them) can save your will from contestation down the road.
Come up with a plan
Do you want to talk with each heir separately or as a group? If you are going to hold a group discussion, will this be the first of many? As with any meeting, it helps to prepare yourself adequately.
Come up with the goals and objectives for each meeting as well as the talking points. And as far as location is concerned, choose a neutral place where everyone will feel comfortable and secure.
Having a valid will in place is a great step. However, discussing it with your loved ones can help clarify your intentions and eliminate room for disputes when you are no longer around to explain your wishes.