When it comes to estate planning, the importance of the family meeting can’t be overstated.
Your child has just been baptized and your whole family is celebrating over a nice meal. The topic of guardianship versus godparenting comes up.
Your divorced parents start fighting over who’s taking responsibility for your child if you and your partner pass away. Your brother pipes in with, “I thought I was the godparent? Doesn’t that mean I get everything including the baby?” Your in-laws are nowhere to be found; they’re always late for important events — hence, they’re not chosen guardians or godparents to begin with.
“Listen, folks, how about we sort this all out in a family meeting, and we can walk you through our wills?” you say.Family meetings bring clarity and reduce complexity when it comes to relationships, responsibilities and moneyyou die. Trust me, as tricky as they sound to navigate, not having one can make life for your loved ones very challenging.
Intrigued? This is the agenda I follow when hosting family financial meetings. I recommend having your first meeting the moment you acquire any assets or if you have a child. In other words, it’s basically never too early — just too late.bad financial decision. A will clearly defines what you want to have happen to your property, and your children, if you die. Without one, the court makes these decisions for you.
Sadly, stats show more than half of Canadians don’t have a will and, worse, 65 per cent of parents with young children don’t have one — where is the horror face emoji when you need one?In your family meeting, take your loved ones through your will in detail. Share who you’ve chosen as executor of the estate, as your POA, and as guardians of your children. Walk them through what you want done with the assets in your estate. Explain why you’ve made these decisions.
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