How Can Estate Planning Build Relationships?
Building strong relationships lies at the heart of good estate planning. Successful estate plans reflect an understanding of the needs and best interests of all involved with an intention to create a legacy for the living. Such plans also consider the wisest use of resources and recognize who might best play which roles in managing or distributing the estate.
Shockingly, close to 70% of Americans do not have an estate plan in place. Unfortunately, when people encounter stress, they easily resort to immature and knee-jerk behaviors that can carry lasting negative repercussions for relationships. Without a plan, chaos and conflict often become the default.
There might be a scenario where a valuable collection of family heirlooms has no clear guidance for who recipients should be; or a father names an out-of-state daughter as executor even though he has a nearby son who has a better grasp of the estate needs and care; or a large sum of money might be left to an individual lacking the age or judgment to handle the ensuing financial responsibility.
First and foremost, estate plans should strengthen the emotional solidarity and wellbeing of those who come after by crafting documents that take into account all such dynamics and potential points of friction. An experienced and competent estate planning attorney will walk you through such scenarios and help you consider any hidden minefields.
There are also benefits in the here and now. By taking the care to plan ahead, you will positively impact your current relationships in a number of important ways.
Invites Open Communication. Diving in deep on topics such as end of life wishes and sharing what values drive your decisions can increase your connection to loved ones. They might better cherish your passion for learning as you set aside funds for education or appreciate your courage to minimize aggressive medical intervention to reduce their burden as caretakers. When we talk about these tough subjects, we open an opportunity to draw closer.
Shows Genuine Care. Taking the time to really consider and thoughtfully plan for the wellbeing of others reflects genuine care. If we fail to tend to the details of our estate and leave it to the next generation to sort out, we can be sure of hurt feelings accompanied by huge levels of stress and a sense of betrayal.
Honors Important Relationships. As you ask friends and family to take on such roles as Guardian of your children and Executor of your estate, or as you approach an organization to designate them as a Beneficiary, these requests and bequests honor them. Your actions demonstrate your trust and belief in their capabilities. By heightening their importance in your life, you will increase your importance in theirs.
As you build these important relationships, remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security.