Justin Raber Attorney at Law

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Share details of estate planning with family members

There are very few West Virginia residents or others throughout the country who make financial decisions in a vacuum. In other words, the decisions an individual makes regarding spending, saving, investments and retirement are likely to have an impact on others at some point in time. In most situations, those closest to a person are the ones who are most affected, such as spouses, children and grandchildren. Therefore, financial experts recommend sharing information about decisions that will affect them. An important step in estate planning should be a discussion with those included in the plans.

Advisors from a national financial information website acknowledge that discussing finances may be uncomfortable, particularly since it involves a time when a person will no longer be around. However, the experts agree that family members need to know the decisions that have been made and explanations for the decisions, if necessary. There are many factors to consider regarding finances as well as medical and caregiving decisions.

Discussing how an estate will be divided may be difficult if there is a blended family or family members have different financial values. However uncomfortable a discussion may be, it is still much better to have it when a person's wishes can be effectively communicated. It should always be stressed that relationships should be valued above material things.

Estate planning should be an important part of a person's retirement plans, regardless of income level. A plan should include details about division of assets and information about how care should be given and decisions will be made if a person becomes incapacitated. A West Virginia estate planning attorney can work with clients to ensure that all important issues are addressed in an estate plan. An experienced lawyer will help develop a plan that will protect someone's interests now and for the future.

Source: marketwatch.com, "How to talk to your family about your estate plan", Paul A. Merriman, Sept. 6, 2017

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