Planning your estate is about more than just dealing with assets. It is also about managing and dealing with other people. Along with having the proper legal and financial instruments in place, ensuring a smooth administration of one’s estate will require communicating important details to loved ones. To help facilitate your talk, we’re sharing our top tips on how to best share your personal decisions with your loved ones.
Talking about your assets…
It’s a good idea to talk to older children in particular about which assets you are planning on leaving behind. While there’s no need to go into great detail and discuss everything you own, considering large assets such as the family home together is advisable.
Once you have discussed your assets, you may want to suggest that children start thinking about what they would like in order to lessen the chance of conflict after your passing.
If you don’t want to leave it to your children or executor to decide, you could divide assets up yourself. By doing this you can outline exactly who will get what.
If you are dividing up assets yourself then it’s a good idea to explain the reasoning behind your decisions. It may be that you’re leaving a slightly larger share of your estate to a certain child because they earn less or have a bigger family to share it with. However you allocate your estate, an explanation can ensure that everyone’s on the same page.
You may decide to ask one (or more) of your loved ones to take a role in the administering of the estate. This is called naming an ‘executor’. Keep in mind that this is a demanding role and whomever you choose will have complete authority over your estate. Discuss this with your family to find out who would be most comfortable handling this tough responsibility.
If family members aren’t comfortable being the executor then you can always choose a professional to assist.
Peter Robinson & Co. are experienced in handling many aspects of Wills and Probate. We can help you write your Will and guide you through making the wider decisions to help protect your Estate and Beneficiaries.
We will ensure you provide for your loved ones. Our Wills and Probate Team, will help you plan for your future and that of your dependants.
Call us now on 0161 678 7996.