Having a family meeting is an important time to communicate your current and future financial goals, your legacy plans, and your health care needs. This is also a good time to review your financial and estate planning documents to alleviate any issues or questions in the future about your intentions.
A good starting point to the conversation could be your current financial philosophy and how you’re managing your finances. Taking your family through what’s important to you and what your most important goals are will allow your family to understand your wishes and vision.
Some discussion topics families like to review are below.
- Health and Caregiving Wishes
- This is a topic to share with your family on how you want to be cared for when you can’t care for yourself anymore.
- Where do you want to live?
- Do you have insurance to cover long-term care needs?
- Do you want family involved in your care needs?
- Professional Advisors
- Share with your family who your most trusted advisors are and who you work with today. These professionals include your financial advisor, attorney, accountant, insurance agent and banker.
- Introducing your family to these professionals sooner rather than later will help any transition that may take place in the future implemented through a Power of Attorney, Trust or Will.
- Current Financial Plan
- This will help give your family a more detailed look at your life goals and how they can continue your legacy, as well allowing them to help you continue achieving your goals later in life.
- Insurance
- This would include your current life insurance, disability insurance, long-term care insurance and health insurance.
- Investment Plan
- Letting your family know how you’ve invested in the past, and what your current objectives are in your investment plan will allow them to stay on track if they ever need to step in to help manage your investments.
- Retirement Income & Expenses
- Letting your family know about your retirement income & expenses will be important if they need to help you with your finances in the future.
- Charitable Giving & Legacy Planning
- For some families, leaving a legacy of charitable giving is very important and cannot be continued if the next generation is not aware of the foundation of the giving and the purpose.
- Reviewing this will be important to continue your legacy for charitable purposes.
- Estate Planning Documents
- Discussing your estate planning documents with your family will allow them to know your wishes now and understand certain decisions you have made.
- Location of Documents
- Giving your most trusted family members copies of your estate planning documents can be helpful in case of an emergency.
- It’s also very important to let your family know where your original documents are located for when they are needed.
- Passwords
- Now that almost everything is digital, it will be important to share your passwords with your trusted family members so that they can take care of any electronic business if you are unable.
- Funeral Information
- Preplanning your funeral and end of life celebration will give your family a great deal of peace-of-mind. Taking your family through your wishes will be helpful to them and ensure your wishes are met.