One of the most common reasons adults create long-term legal and financial strategies is for the purpose of deciding what will happen to their property after they pass. They may also want to have the final say over pressing medical needs, or they may want to create generational wealth for loved ones. However, estate planning is only truly effective when the plans are complete and the right people have the right information. It is important to discuss certain pressing matters with loved ones during their lifetimes.
Conversations about details
Life is unpredictable, and it is important to have certain conversations while loved ones are able to discuss important matters. For example, it is critical that heirs or the executor of an Arizona estate know where all property is located, such as storage units or real estate holdings. It is also critical to discuss the location of important heirlooms, such as jewelry or sentimental paintings.
It may also help to simply ask loved ones about important information they will need to effectively execute the terms of an estate plan. These conversations may not be easy, but they are necessary. These discussions can prove useful as loved ones are trying to settle remaining affairs and close the estate of a recently deceased family member.
There may not be more time
People often assume they have time to discuss these matters in the future, but in reality, there may not be more time. By having plans in place and having these conversations now, the entire family can face an unpredictable future with confidence. To create a comprehensive plan, it is helpful to discuss needs with an experienced Arizona estate planning attorney.
