What conversations should I have with my family?

Published October 22, 2020
 An elderly man reviews financial documents with his adult daughter.

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 four details 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 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 financial, tax and legal teams
    During times of emergency or grief, knowing where to turn for financial, tax 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.

How we can help

Ask your Edward Jones financial advisor today about how you can work together to begin creating your personal estate strategy.

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 lawyer or qualified tax advisor regarding your situation.