In many families, finances and estate talk are taboo. Other families laugh and make jokes like, “Well, guess who just lost their inheritance!” No matter what kinds of family dynamics exist in your life, talking about what will happen after a person dies can be a painful and scary discussion, but a necessary one. It’s important to talk with your loved ones about what you want, what they want, and what is laid out in your will.

Keep it light

This discussion can bring up a lot of emotions for your loved ones; thinking about losing someone you love so dearly is painful. So keeping the conversation light but to the point can help keep the conversation on track and productive.

Talk openly and honestly

A decision you have made may hurt someone’s feelings, or there may be things you don’t want to tell people about, but it is crucial to be open and honest with your beneficiaries.

Discuss values, not just valuables

When you die, how do you want people to remember you? What parts of you do you want to live on? This may include traditions, values, family names, rituals, religious beliefs, and so on. This is an important matter to bring up during this discussion with your family. Think back on times that have meant a great deal to your family or traditions that have brought you great joy. Maybe it’s very important to you to have your grandmother’s name passed on from generation to generation. Talk about these things with your family to share how you feel and to see how they feel.

Have a professional present

Having your estate planner present can be very helpful and, in some cases, necessary. In many cases, a professional has a better understanding of how estate planning works and can assist by answering any questions your loved ones may have. You might have a family-only conversation first and then a second conversation with your family and the estate planning professional.

Reesa Manning is Vice President and Senior Financial Advisor at Integrated Wealth Management, specializing in retirement and income planning. For more information, call Reesa at (760)834-7200, or [email protected].

The above is being provided for informational purposes only and should not be considered investment, tax or legal advice. The information is as of the date of this release, subject to change without notice and no reliance should be placed on such information when making any investment, tax or legal decisions. Integrated Wealth Management obtained the information provided herein from third party sources believed to be reliable, but it is not guaranteed. Form ADV contains important information about the advisory services, fees, business, and background and the experience of advisory personnel. This form is publicly available and may be viewed at advisorinfo.sec.gov