Why Communication Matters in Estate Planning for Maryland Families
What will happen to your family when you are no longer here? Estate planning helps answer that question, not just through documents, but through clarity, communication, and shared understanding. When people think of estate planning, they tend to think only of dry documents: wills, powers of attorney and medical advance directives. Those are very important, and you should make sure you have those documents and that they are up to date.
But that is not all you need in order to prepare your loved ones. Preparing your family for the day that you will no longer be here for them goes far beyond signing pieces of paper. While the fundamental estate planning documents are necessary, they are not nearly enough.
What is Estate Planning?
It is our view that estate planning, at its core, is about care for your loved ones, your legacy, and your values. While legal documents play a role, the process also helps your family know your wishes and act confidently when the time comes.
To adequately protect and preserve your family, you must go beyond basic estate planning and address the questions, confusion, and potential conflict that may result in the aftermath of your passing.
Why Communication is Key
Even the most thorough estate plan can fall short if your wishes aren’t clearly communicated. The best plans combine structure with conversation. Consider how you would answer these questions:
Who should your spouse contact after you pass?
Where are your important documents located?
What steps must be taken to transfer investment accounts from your name?
What investment accounts did you hold?
And those are just a few of the most basic questions. Beyond the basics, you want to ensure that communication of your estate is prepared accordingly. Have discussions with your family that answer things like:
What online accounts do you have?
How do your survivors access all those pictures you posted online?
How can you best convey to the next generation your ethics and values?
These discussions aren’t always easy, but they spare your family from uncertainty and conflict later on. Providing answers to these questions and others help ease the emotional burden your heirs may encounter in the days after your passing. Leave a record of the type of funeral and memorial service you would like. Don’t leave your family members to argue over whether you wanted something fancy or understated. By opening the lines of communication now, you help protect not just your assets but your family’s peace of mind.
Most importantly, communicate this information to your family while you are alive. Unfortunately, many of us have witnessed the breakup of families after the passing of a patriarch or matriarch because of unresolved issues that came to the surface during the grieving process. To help preserve family harmony, hold ongoing two-way conversations to minimize confusion, misunderstandings and possible resentment.
Estate Planning Starts With A Sound Financial Plan
A comprehensive estate plan often starts with your financial plan. Your advisor can help you understand how each decision, from account titling to charitable giving, fits into the bigger picture of your family’s future.
By going beyond standard estate planning and approaching it with constructive and proactive communication, you have the opportunity of bequeathing to your loved ones the luxury of pondering fond memories without the anxiety of worrying about what comes next. Going beyond the will, you can bequeath the gift of closure and completion. And you can leave the unmistakable message that you cared enough to focus on what happens to your loved ones after you are no longer here.
How Do I Find Estate Planning Near Me?
Whether you need to review your estate plan or create one, we can help. Our advisors can help you align your financial and legacy goals. To learn more about estate planning and financial planning near Bel Air, Maryland, contact The Kelly Group at 410.893.0560 or reach out to our team.
The Kelly Group is a trade name of Kelly Financial Group, LLC, a registered investment adviser with the Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply any level of skill or training. For more information about our services, please see our Brochure and Relationship Summary, available on the SEC’s website at www.adviserinfo.sec.gov, and on The Kelly Group’s website at www.kellyria.com