Discuss Your Estate Plan with Family

I recently read an article by Christopher D. Reedy with Begley & Bookbinder, P.C. of New Jersey regarding the importance of discussing your living will with your family. He recalls the story of Terry Schiavo and how it has served as the impetus for many people to draft a living will. But, as Christopher says, many people leave the lawyer's office and put the document in a drawer somewhere without discussing it with family. He suggests having a family meeting to discuss the living will and your reasons for it. That way, everyone is on the same page.

The same reasoning applies to other estate planning documents. If you share your ideas and wishes regarding your plan with your family beforehand, you might prevent disagreements later. During the family meeting, you can discuss:

• The overall distribution of your assets and why you have decided on that plan
• Your estimated state and federal tax liability and the plan for payment
• The responsibilities of those named as trustee, guardian, executor and those that will carry on the family business
• Your charitable giving plan and why it is important to you

This meeting could prevent fights down the road and helps to ensure that your wishes are carried out.