GUIDE TO HAVING AN ESTATE PLANNING CONVERSATION WITH YOUR FLORIDA FAMILY © Cynthia Crofoot Rignanese, Esquire

Lawyer’s Introduction

In my more than 30 years practicing law, I am often asked “HOW DO I TALK WITH MY FAMILY ABOUT MY DEATH?” I encourage people to have this important family meeting while the person is healthy, not after an emergency. Estate planning is an essential aspect of securing your family's financial future plus ensuring that your wishes are respected when you are no longer around. However, discussing estate planning can be a delicate and emotional subject for many families. Nevertheless, having an open and honest conversation about estate planning is crucial to avoid potential conflicts and ensure that everyone is on the same page. In this blog, I will provide you with a comprehensive step-by-step guide on how to have an estate planning conversation with your Florida family.

Who Should Be in the Conversation

When initiating an estate planning conversation, it is important to involve all family members who may be impacted by the decisions made. The key individuals to include in this discussion include:

a) Spouse/Partner: Your spouse or partner should be the first person involved in estate planning discussions. They will be directly affected by the decisions you make and should have a clear understanding of your intentions.

b) Children: If you have adult children, they should also be part of the conversation. While their involvement may vary depending on their age and level of responsibility, it is crucial to keep them informed about the plans you are making.

c) Other Beneficiaries: If there are other individuals or organizations listed as beneficiaries in your estate plan, consider involving them in the conversation to ensure everyone understands their role.

d) Trusted Advisors: Including trusted financial advisors or attorneys can provide expert guidance during the conversation and help answer the technical questions.

Recommending an Agenda

Creating a well-structured agenda is essential to keep the estate planning conversation focused and productive. Here is a suggested agenda to guide your discussion:

a) Introduce the Purpose: Begin the conversation by explaining the importance of estate planning and the purpose of the discussion. Emphasize that the goal is to protect the family's interests and ensure a smooth transition in the future.

b) Share Personal Objectives: Express your personal objectives for estate planning, emphasizing your desire to provide for your family's well-being, protect assets, avoid taxes, avoid probate, decrease stress and minimize potential conflicts.

c) Discuss Financial Information: Provide an overview of your financial situation, including assets, liabilities, investments, and insurance policies. This transparency will help everyone understand the scope of your estate and make informed decisions.

d) Designate Decision-Makers: Identify and discuss who will take on key roles in the estate plan, such as the executor of the will, the trustee of the trust, power of attorney, healthcare surrogate, and guardians for any minor children.

e) Address Healthcare Directives: Discuss your wishes concerning medical care, life-sustaining treatments, and end-of-life decisions. Tell everyone why you do not want unnecessary medical procedures in your last days. Be sure the person you are appointing as healthcare surrogate knows how to make medical decisions on your behalf if you become incapacitated.

f) Identify Potential Challenges: Acknowledge potential conflicts or challenges that may arise within the family and work together to find proactive solutions to minimize the likelihood of disputes.

g) Seek Input and Address Concerns: Encourage family members to share their thoughts, concerns, and preferences. Actively listen and address any questions or uncertainties, ensuring that everyone feels heard and respected.

h) Discuss Charitable Giving: If you have philanthropic intentions, discuss how you would like to incorporate charitable giving into your estate plan. This could be to a major charity such as the American Cancer Society, to a favorite cause, to a university or to a religious organization.

I) Finalize Next Steps: Summarize the key decisions made during the conversation and outline the next steps, including when and how the estate plan will be updated or implemented.

Topics to Discuss

During the estate planning conversation, it is important to cover several key topics. While each family's circumstances may vary, here are some common areas to address:

a) Will and Trusts: Discuss the importance of having a will and, if relevant, establishing a trust to protect assets and provide for beneficiaries. Clarify how assets will be distributed and any conditions or restrictions you desire and the reasons for that decision.

b) Power of Attorney: Explain the significance of granting power of attorney to a trusted individual who will make financial and legal decisions on your behalf if you become incapacitated.

c) Healthcare Directives: Discuss your preferences regarding medical treatments, resuscitation, and end-of-life decisions. Tell them you are creating a living will and healthcare power of attorney (called a Surrogate in Florida) to ensure your wishes are respected.

d) Guardianship: If you have minor children, discuss who you would like to appoint as their guardian in the event of your untimely passing. Ensure everyone is comfortable with the designated individual and that they are willing to assume this responsibility.

e) Digital Assets: Address the management and distribution of your digital assets, such as online accounts, social media profiles, and digital files. Consider appointing a digital executor or providing clear instructions for their handling.

f) Long-Term Care Planning: Discuss any plans or preferences for long-term care, such as nursing homes, assisted living, or home healthcare. Evaluate insurance options and financial considerations.

Conclusion

Having an estate planning conversation with your Florida family is a vital step toward securing their financial future and avoiding potential conflicts. By involving the right individuals, following a well-structured agenda, and discussing important topics, you can ensure that everyone is informed, prepared, and confident in your estate planning decisions. Remember, open communication and transparency are key to fostering understanding and unity among family members during this process. Seek the guidance of a qualified estate planning attorney to help navigate the complexities and legalities specific to your situation. By taking proactive steps now, you can provide your family with peace of mind and the clarity needed to honor your wishes when the time comes.

Ms. Rignanese is the Founding Member and Managing Partner of Rignanese & Associates; she has been practicing law from bases in Winter Haven and Tampa, in Central Florida, since 1991. Her practice focuses in estate planning, business, corporate and real property law. In her free time, she is an avid reader and self-educated historian with particular interest in Comparative and Constitutional Law.

Rignanese & Associates is available to work with clients on their individual legal matters. Please reach out to us at our headquarters at 141 5th Street, NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.

© Cynthia Crofoot Rignanese, Esquire