It is natural for people to keep their financial business to themselves, and this can even extend to your family members. There are any number of reasons why many people like to keep things confidential and the way that you approach this is entirely up to you. However, when you’re planning your estate and otherwise making preparations for the latter portion of your life you may want to consider opening up a bit for the well-being of your loved ones and for your own protection.
When you state your wishes in a last will or trust you may not see the need to get extremely specific with regard to some matters, and this can leave things open to interpretation after you pass away. It is not entirely uncommon for family members to engage in a taffy pull over a particular possession. Sometimes the item in question is of significant value, but there are other times when sentimental value is at the root of the dispute. The sad part is that you may not even have known how your respective family members felt about this item.
For this and other reasons it may be a good idea to convene your family members and have an open discussion with regard to the way that you intend to plan your estate. When you do this you let everyone know what you’re doing and why you are doing it, and when feedback ensues you may get some information that assists you as you are making final decisions.
Communicating openly and honestly is usually going to be the right course of action, and you can actually help foster a healthy dynamic within the family that carries over after your death. Family members should support one another when they lose a loved one, and acrimonious interactions are the last thing that most people would want to leave behind. These can often be averted through some simple acts of communication.