How To Talk Money With Your Family Over The Holidays!

The holidays are right around the corner, which means more time to gather with family and relatives than any other time of the year. If you’ve been meaning to talk to your family about money, inheritance, end-of-life decisions, estate planning, and creating a plan for your whole family’s wealth - now and in the future - having everyone in the same room is ideal.?

But asking your relatives how they want their assets handled when they die or if they become incapacitated might not go over well over the typical end-of-the-year festivities…?

To keep your family from feeling blindsided and to make the most of your conversation, consider the following three tips.

01 | Share Your Intention Ahead of Time

Many people feel uncomfortable talking about their finances... It might be taboo, or people don’t want to create tension. Some people also think it creates bad luck (but planning for your assets doesn’t increase your chance of dying, since you already have a 100% chance of dying, but it does make it more likely that you leave behind a happy, well-adjusted family).

Also, don’t bring up money for the first time while the family is watching the Bears game. Talk to your family ahead of time. If you speak to family regularly, let them know you’ve been thinking about creating a plan for your money and family in case something happens to you. Casually mentioning that it’s on your mind will help plant the seed for a future conversation with your loved ones and likely get them thinking about their own plan (and likely, their lack of a plan).

As your family gathering approaches, bring it up again, but with more intention. Consider getting something scheduled!

If the host pushes back against the idea, respond with curiosity about their experience, what they feel apprehensive about, and if there is a way that you could mitigate their apprehension perhaps by speaking with other family members in advance.?

If you’ve already completed your own planning, use your experience as a springboard for the conversation. More on this below.

02 | Set Aside a Time and Place to Talk

Your best bet is to schedule a time to gather to talk without distractions or interruptions, so let’s avoid doing this under the Christmas tree…

Choose a comfortable setting and be upfront about the topic. Share context about why it’s important to you that you have conversations about money, life, and death. Maybe even tell them it makes you uncomfortable. It’ll make you closer to your family in the long run.

03 | Share Your Planning Experience??

If you’ve already created your own plan, and it included an inventory of your assets, a look at what is enough, and what would happen to it all when something happens to you (which is what we do during our first Planning Session with you), you can start by explaining how you felt during the process, how easy it was, and how you feel now knowing that your assets and loved ones will be cared for the way you want if something happens to you.?

If you haven’t created a plan yet, or have doubts about a plan you created with another attorney, be open about why you want to create a plan for your life and death, such as a desire to avoid family conflict,? to ensure that a child,? disabled relative, or senior parent is cared for in the future, or to build generational wealth and a legacy for your family. Focus on the benefits that planning will have for both your immediate family and your extended family as a whole.

Bringing Families Together

Talking to loved ones about money and estate planning can be difficult, but as your Personal Family Lawyer? firm, we can guide and support you in having these intimate discussions with your loved ones. When done right, planning can put your life and relationships into a much clearer focus and offer peace of mind knowing that your assets will be protected and that the people you love most will be provided for no matter what.?

If you haven’t created your own estate plan, doing so before you talk with your family can help your loved ones be more open to the idea and can help them see the incredible benefit of planning from one of their own family members.

Schedule a complimentary call with us using the button below to learn more.

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This article is a service of the Blueprint Legacy Group, a Personal Family Lawyer? Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session? , during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session?.

The content is sourced from Personal Family Lawyer? for use by Personal Family Lawyer? firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.