India still considers “the Money Talk” as taboo. Add the subject of death, and you won’t have a place in the crowd.
Jokes apart, discussing your estate plans, or about what happens to your property and money when you die can be awkward. Talking about death AND money at the same time is never expected. However, it is important to discuss them.
Regardless of how awkward it might get or stressful the situation becomes, discussing your Will with your loved ones is essential. Transparency and communication are key to living a convenient life. Discussing your Will (your estate plan) with your close friends and family keeps them in the know and can prevent any potential disputes over inheritance. Plus, it also reduces the chances of anxious situations.
In this blog, we will talk about the cons of not discussing your estate plans with your family and hence, why you should discuss them. So, read on with your future in mind!
Reasons why many estate plans don’t work out
If you’ve ever consulted an estate attorney, you’d know that most of them describe the final step of estate planning as “communicating the plan.” The reason why most people skip this step is because it’s uncomfortable. But the fact remains – it’s important!
Failing to communicate your plans with your family can bring real-life issues. Below are some common causes of issues in the estate planning process.
- Your family is unaware of your wealth: Most Indian parents prefer not to make their wealth too obvious in front of their children as part of a lesson; the lesson being – less is more. However, in practical terms, when such wealth is revealed to your children, it may overwhelm them and make it difficult for them to bear its responsibility. That’s why communicating about the extent of your wealth, whether large or small, is important to ensure that your family knows what is expected of them when the time comes.
- Your beneficiaries are unaware of the expectations from them: It is important to share your concerns about your beneficiaries before your death occurs. This can save your family and dear ones from a lot of trouble or potential disputes arising out of property distribution. You may not distribute your assets equally among your beneficiaries which might call for an explanation. Communicating your ideas beforehand will steer clear of any doubts or disputes among your beneficiaries when you won’t be around anymore.
- You haven’t considered individual family circumstances: Different families may have different needs. For example, families with kids who have special needs, families with divorced parents and adult kids, or other kinds of blended families will have sorted needs. Make sure to consider your types of family needs and communicate your plans to your beneficiaries accordingly.
So, why is it necessary to communicate your end-of-life plans?
As much as it’s considered taboo in India to talk about end-of-life plans or money, for that matter, it is always best to communicate your plans clearly. Being communicative about your Will with your family and friends ensures that everyone is in the know and can make the right decisions accordingly.
Knowing your plans would allow your loved ones to honour your last wishes. Additionally, they are aware of all the legal documents you left to their responsibility and your plans for them to take over after you. And on practical terms, you save your loved ones the time and pain taken in estate administration.
All in all, it’s the peace of mind you and your family deserve by honouring each other’s legacy after death. Plus, you’ll be dealing with death responsibly by planning ahead of time.
Collaborate plans to create your future!
Sure, it is completely fine to take your time alone to plan and draft your Will. However, for practical as well as legal reasons, it is advisable to loop in your family and close friends. Doing so makes it easy for you and your family to go through the asset distribution process without any conflicts or legal disputes.
So, make sure to communicate your plans with your family and friends and help them attain peace of mind while they build their future after you.