Conversations about estate planning, though difficult, provide clarity, and prevent conflicts. If you are a business owner, there are three estate planning conversations you need to have.
Consider what you want
Your estate is yours, no one else’s. Think about what your legacy will be from your point of view—not your childrens’, not your employees’, and not your friends’.
Estate planning is not just about splitting up the goodies. Your legacy is about what makes you unique, what wisdom you picked up over the years, and what you want to leave to those who are hereafter you die.
Talk with your significant other
If you’re clear on why you want certain things to happen, share them with your significant other. You and your life partner should have a real conversation about your reasons.
Consider those you’re leaving behind and the difference that your estate will make and the effect your exit strategy will have in their lives. After all, you’re going to be dead (sorry, but it’s true). This is about your legacy and their lives.
Share your thoughts with your heirs
The next step is one that too few actually do. That is to sit down with your heirs and let them know what you think and why. Listen to what they have to say. Your decision will affect their lives and the way you’re remembered. If you care about either of these issues, having this conversation is really important.
Clarity is what makes a good estate plan. You really want to ask lots of questions and have an open conversation about what you want. I know it’s hard to talk about death, but we’re all going to have one.
Estate Planning 101
After talking with your loved ones, you need to start framing your plan. To simplify this process, it can be helpful to consider three estate planning essentials: organizing your financial information, communicating your plans, and, of course, taking action.
Organizing your financial and estate information
• Create an organized record that details your accounts and legal documents, so your family can easily locate them
Discussing your estate plan with family members
• Any time you update your estate documents, communication is key. When you name your friends or family members to any role in your plan, you should notify them right away.
• Proactive planning requires careful consideration of possible future scenarios and a good understanding of yourself and your family. It also involves communicating your wishes to those close to you.
Finding the time to discuss death and finances in your busy life is difficult and unpleasant. But since one never knows what the future holds, it is best to be prepared.
You can trust Crescent Franchise Solutions to help you every step of the way. Call us at (941) 923-3663 or schedule a free consultation to find out how we can help.