As financial planners, we have conversations with clients every day about what they want to happen to their money, their homes and the things they’ve worked hard to build.

Those conversations often lead to estate planning. Wills and trusts. Beneficiaries. Powers of attorney. Working with an estate attorney and tax professional to make sure the pieces fit together.

But there’s another part of estate planning that can be just as important — and often much harder:

Talking about it with your family.

You may have a clear idea of what you want to happen. But does your family know what you’ve decided? More importantly, do they understand why?

Consider the family home.

Maybe one child has lived nearby and cared for the house for years. Another may assume it will eventually be sold and the proceeds divided equally.

Or perhaps you’ve helped one child financially during your lifetime because of circumstances that made sense to you. You know why you made that decision. But does everyone else? Even when an estate plan is carefully constructed, family members can have very different ideas about what ‘fair’ looks like.

that’s where things can get complicated.

What are the conversations your family needs to have?

Who should keep the family home?

What does ‘fair’  mean when children have very different circumstances?

Is it better to leave an inheritance or help loved ones while you’re here to see the impact?

Who would step in if you could no longer make financial or health care decisions for yourself?

And what do you want your family to know that will never appear in a legal document?

You don’t need to have all the answers today. But knowing which questions are important is a good place to start.

Join the conversation

On Thursday, September 17, from 10–11:30 a.m., we’re bringing together three local advisors for Essential Estate Planning Conversations for Families at Ripple Space, with the option to join via Zoom.

Thomas Hackett of NW Legacy Law, Ralph Doggett of Integrated Tax Services and Heidi Johnson Bixby of Johnson Bixby will share perspectives and real-life experiences from helping families navigate the questions that can be hardest to talk about.

Come with your questions. Leave with ideas for starting the conversation with your own family.