The next step before finalizing your will
October 20, 2020
You have met with the attorney and they give you a draft of your will. All you need to do is complete a final review and make sure your wishes are met, right? There is one more recommended step that will feel like the most difficult one: telling your wishes to the beneficiaries.
A will can become a security blanket knowing if something should happen to you, your wishes would be followed. What if those involved in your will don’t understand your wishes? What if it puts them in a difficult situation? What if it holds them back from pursuing their dreams? These are a few of the questions you may not have thought about. When we look at what the future holds without us, we try to make the best decision we can. The problem is we may be basing some decisions off of assumptions instead of facts. The solution: have a meeting with those involved in your will.
To provide you with an example, I have interviewed my parents as well as added my experience from when they had a talk with me and my siblings about their will. They made the decision to have this talk based off of two key points: one, past experience had taught them the importance of being given the opportunity to know and two, didn’t want there to be any questions or hurt feelings. Emotionally they were a little nervous but the importance of the conversation calmed those nerves. When it came time for the meeting, I felt relief knowing my parents were comfortable talking with me and my siblings on their succession plan. After they presented their wishes, we had an opportunity to ask questions or get clarification. This provided my parents clarity in their main goal, which was to connect the right assets to best fit each child and their needs.
The picture painted is my experience and I understand yours may look different. However, what I want to encourage you to know is that while planning after your passing is a difficult and sad thing, the conversation with your beneficiaries doesn’t have to be. I want my experience to boost your confidence that a positive outcome can happen for all involved. It’s better to have these discussions today instead of your loved ones hearing it from an attorney, carrying around questions that can never be answered. Some surprises can come from these conversations. You may find out the son or daughter helping with the family business doesn’t have the passion you do. These conversations are critical to the success of those involved and of your plan.
Your future is important, and our team is eager to help you prepare for whatever is to come and help you prepare for conversations like this. If you’d like to learn more about our estate planning services, please reach out.
At TS Prosperity Group, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Prosperity Group. TS Prosperity Group is based in Council Bluffs, Iowa, with clients across the midwest. For more information visit tsprosperitygroup.com or call 844-487-3115. #igniteprosperity