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Missouri estate planning: Talking about one’s plans

On Behalf of | Oct 25, 2019 | Estate Planning

There are many benefits to having an estate plan in place, yet many Missouri residents do not. Those who do might be inclined to keep the details of their plans to themselves. While no one really wants to go through the estate planning process, let alone talk to loved ones about it, according to a recently published article, talking about it with one’s beneficiaries may be a good idea.

The article is directed toward millionaires who want to pass their money down to their children. However, the advice given really can apply to most people. The problem with passing along money or other valuables is that beneficiaries may not know what to do with it or they may not use it wisely. This is why it is suggested that people talk to their beneficiaries about what money and valuables mean to them and what they hope their heirs will do with what is given them.

Talking about the contents of an estate plan can also help prevent fights and family discord. It can ensure everyone is on the same page, so when the time comes to put the estate plan into action, the process of passing on assets can go as smoothly as possible. It can also help one’s beneficiaries understand why they are being entrusted with the money or property left to them.

Talking about an estate plan is not an easy thing to do. Not everyone in Missouri will be willing to do it and, according to a study, those who are may only share bits and pieces. At the end of the day, whether one shares the contents of his or her estate plan is a personal decision. Going through the estate planning process with the assistance of legal counsel at all is considered a win, regardless if one chooses to talk about it.