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In a previous column, I discussed some of the key issues that need to be communicated between generations when it comes to estate planning.
The next step is to figure out how to bridge the communication gap that exists within families.
Plan a family meeting
Get the family together in one place to discuss estate, inheritance and family planning issues. In business, staff and planning meetings are common. Treat a family meeting in a similar fashion. Find a time when everyone can get together. Make sure there is an agenda so the conversation stays on track. Determine the important issues that need to be dealt with. Create open and honest dialogue.
A family meeting might not include everyone. If you have a large family or if your family lives far apart, a family meeting may be more difficult to organize.
Get an objective mediator
If you like the family meeting approach, consider having someone outside the family chair the meeting. This will ensure that everyone's concerns are heard and important issues are dealt with. Ask a family friend or someone even more objective like a trusted adviser.
Create estate inventory
Regardless of how you communicate with your family, it is important to create an estate inventory.
Whether you're getting your affairs in order or planning for succession, you'll need to start organizing all of your banking, investment, legal, and other information so you can properly plan your estate — a key part of any personal or succession plan.
Keeping track of where you've filed everything can be a daunting task, but it will be beneficial in the long run. Share the information with family and advisers so they stay connected and up-to-date on your plans. Keep a copy of the estate inventory with your will so everything is in the same place and easy to find.
My two cents
Planning ahead is so important. We see far too many situations where families argue about the smallest details. Here are three final thoughts on the importance of communication in estate planning.
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