Estate Planning with Your Family

Estate planning is a very sensitive matter to talk about. Inherent to discussions of estate planning is the idea that a loved one is going to pass away at some point; we are mortal creatures, and we will eventually meet our demise. However, just because a subject is uncomfortable or hard to fathom doesn’t mean you should ignore it. Talking to your family about your estate plan is essential to making the best and safest choices for everyone around. In the end, it is important to breach these topics, as your relationships are ultimately more important than your assets or finances. 

Here are some points or questions that you will want to have with your family when discussing your legacy. An estate planning attorney in Daytona Beach will also be able to help you identify further specifics to these points.

What are our primary family values?
It is important to start your family discussion about estate planning within the broader context of what you and your family value most. Though estate planning and probate in Daytona Beach are all procedural, the matter at hand is very sensitive, deals with an abundance of emotions, and heavily weighs in people’s values. Despite the distribution of assets or finances being the most significant tangible concern, your values are often what dictates how that distribution looks. For example, if your family highly values post-secondary education, and you want to ensure your children participate, you might establish a trust that can only be used for funding them at college.

What assets do I have?
It is very important to know exactly what your assets are, and what you can do with them. To be sure of your assets and your potentialities for distribution, you should speak with a wills and real estate attorney in Daytona Beach. After this, you can discuss with your family your assets.

How do I want my assets divided among my beneficiaries?
Who gets what? This is perhaps the main concern your family members will have beyond your passing away. This can be a very sensitive issue to many—things often cannot be distributed perfectly equally, nor do you necessarily want to divide things equally. However, even if uncomfortable, it is important to have this discussion to give your family members a transparent idea of how exactly they will be protected or cared for.

What happens in the case of simultaneous death, where I and my spouse both pass?
When you pass away, your spouse will often become the sole guardian of your children. However, though a frightening and unlikely thought, there is a possibility that both you and your spouse will pass away in a simultaneous death, like a car crash. If this happens, you and your spouse will want to have established guardianship criteria to ensure the well-being and protection of your children. This includes deciding custody, and therefore a discussion of who will raise the kids. Being open with your family about this discussion, and perhaps even allowing your children to input, will help push towards a decision that makes everyone as comfortable as possible.

Who should help draft my will?

Another important discussion to have with your family is who you want to legally assist you in your estate planning, real estate, and guardianship. For over 40 years, we have worked with people to plan for their legal needs in life after passing. If you are looking for a Daytona Beach wills lawyer, reach out to us today so we can set into motion the best plan for you and your family.