Sharing Your Estate Plans

Talking about the plans you've made for your own possible medical care, the distribution of your estate, and even for your funeral, burial or memorial service can be uncomfortable. But it can also prevent unnecessary grief for your loved ones later.

When you communicate your desires to your family and friends, you relieve them of the burden of making decisions at what will be a trying time in their lives. That's why it's often important to share with them the contents of relevant estate-planning documents. Review these areas:

• Your will. Plan to discuss in a general way what your will provides, keeping in mind that changes may be made in the future. You might explain any charitable inclinations you have which are reflected in your will. At a minimum, point out where your will and other important papers can be found, and give the names of your executor and attorney.
  
• Durable power of attorney. This instrument authorizes a person you choose to sign your name to checks, legal papers, tax returns and other documents. If you become incapacitated, this person can manage your finances. If you've already designated someone, decide if your family should know your choice.
  
• Trust plans. Assets you put in a trust can avoid probate and benefit your spouse, your children, other heirs or even a charitable organization like your favorite charitable organizations after your lifetime. You may find it beneficial to discuss any trust arrangements in general terms with your family.
  
• Life-prolonging measures. Do you have strong feelings about the use of artificial or extraordinary methods to extend your life? If your state recognizes a "living will," discuss this with your attorney. In any event, let your family know how you feel.

Talk Things Over
Talking over your estate plans may actually be a comfort for all of you. You'll feel assured that your family knows what to do should something happen to you or your spouse, and your family will be relieved that your affairs are in order.

Please contact Mary Ludwig, Development Director at 712-732-5127, for more information.

The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

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