What conversations should I have with my family?

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  An older man sits on his couch with his adult daughter and his baby grandson.

Discussing finances with your family can be uncomfortable, but it’s also critical to ensuring your loved ones are prepared to carry out your wishes. Here are some things you might want to consider sharing.

1. Estate documents and beneficiaries 

Don’t assume your family members or beneficiaries know what you’d like them to do when you pass away or where you keep your estate documents. Give them the opportunity to prepare mentally and emotionally for these responsibilities. And if you haven’t named beneficiaries yet, be sure to do so. 

2. Contact information for your tax, financial and legal teams

During times of emergency or grief, knowing where to turn for financial and legal help could be a great relief to your family. You may even want to consider introducing your family to these professionals now, so they can develop a relationship with them. 

3. Wishes for future living arrangements 

Discuss with your family and doctor where you’d like to receive medical care if you develop a serious illness. Would you like to stay at home? Or if that isn’t possible, is there a facility you prefer? 

4. Funeral arrangements or burial instructions 

If you’ve already made funeral arrangements, make sure your family has access to the documents and information, so they can ensure your wishes are carried out.

Finally, remember, the more your family knows about your preferences, the more comfortable they’ll be that they’re making the right decisions for you down the road.

Important Information:

Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation.