You may know exactly how you would handle a certain medical situation – but if you don’t tell your family, how will they know? This becomes very important if your family is faced with making decisions on your behalf. We've worked with thousands of clients who have gone through this process and have found that communication makes a big difference. By taking this important step of talking with your family now, you can save confusion later.
One option is to call a family meeting and spell out everything. If you are uncomfortable discussing this topic in person, though, or believe your family may bring up questions you can’t answer, it may be a good idea to invite your financial advisor to the meeting. For specifics, see what to share with family members.
Talking about these topics can be difficult, but it doesn't have to be. For more tips on how to communicate your wishes, watch our Family Financial Conversations video.
As an extra safeguard, consider putting everything down legally in writing. Talk to your estate-planning attorney about whether the following would be good for your situation:
State laws vary on how health care POAs and living wills are interpreted and executed, so you’ll want to be sure your documents are tailored to you. To do this, discuss your situation with your estate-planning attorney and financial advisor before making any decisions.
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.