Life is full of milestones that often spark important family conversations about values and priorities. In recent years, unexpected events have reminded us just how quickly circumstances can change. These moments underscore the importance of planning ahead, not just for today but for the legacy you want to leave behind. 

Bringing your family together to discuss financial and estate planning may not be easy, but it’s one of the most meaningful steps you can take to ensure clarity for everyone. By sharing your intentions now, you can set expectations, reduce uncertainty, and help prevent future conflicts. 

If you’re unsure where to start, these practical tips can make the conversation smoother and more productive. 

1. Prepare Ahead of Time 

It’s very possible that if you’ve never discussed your estate plan with your family, there will likely be elements that could come as a surprise. Try to think about what questions your family may have so that you can adequately answer them and assuage any potential fears that they may have. 

Additionally, part of being prepared is making sure you have all of the information you need to have a fruitful conversation. Taking inventory of all relevant personal and financial account documents, for example, helps make sure everyone is fully informed and knows where and how to access vital documents when the time comes. This account inventory can be a building block to help you identify items you need to communicate to your family. Filling out the form may even uncover gaps in your planning that you may want to discuss with your financial advisor. 

2. Consider Multiple Meetings 

Whether your family is spread out geographically or you’re concerned about the emotions that accompany having everyone present, it may not be feasible to get your entire family together for a single meeting. It’s okay to have multiple meetings, and by doing so, it may help relieve some of the stress that you may have prior to speaking with your family. If you decide to meet with members of your family separately, make sure you are consistent from meeting to meeting to help ensure there are no inadvertent miscommunications. 

3. Refer to It as Your “Legacy Plan” 

Just as it’s likely uncomfortable for you to talk about what happens once you’ve passed, it’s also likely that it’ll be uncomfortable for your family. Instead of referring to it as your estate plan (which can conjure up negative emotions) or planning for your passing, consider referring to it as your legacy plan. This can help make the conversation easier for your loved ones by shifting the focus away from feelings of loss and towards how you want to be remembered. 

4. Focus on the Big Picture 

It may be better to avoid mentioning specific dollar figures during your first meeting. They can bog down the conversation and become a distraction for your family members. Focus the conversation on the broader framework of your estate plan. Talk about what your goals are for your legacy and how the decisions that you’ve made will provide the best chance that you’ll be able to achieve those goals for all members of your family. 

Organizing and setting up a family meeting can be intimidating. As difficult as it may be, it’s crucial that your family understands what your plans are for your estate. Clear communication now can save your loved ones from headaches down the road. 

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. 

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