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Don't Keep Family in the Dark About Your Plans

Posted Friday, May 20, 2016 in Happenings


You might work diligently at building a financial roadmap for your retirement years and a comprehensive estate plan. But you can’t just create these strategies – you also have to communicate them. Specifically, you need to inform your spouse and your grown children what you have in mind for the future – because the more they know, the fewer the surprises that await them down the road.

Let’s start with your spouse. Ideally, of course, you and your spouse should have already communicated about your respective ideas for retirement and have come to an agreement on the big issues, such as when you both plan to retire, where you’ll live during retirement, and what you want to do s retirees (volunteer, travel, work part time and so on).

But what you both might have let slip through the cracks are the important specifics related to financing your retirement. You’ll need to answer several questions, including these:

You may want to work with a financial professional to address these issues, but however you proceed, you and your spouse need to be “on the same page” regarding the key financial components of your retirement.

Now, consider your grown children. You need to clearly communicate your estate plans to them, not only for the sake of openness and honesty, but also because they may well play active roles within those plans. So when talking to your children, make sure you cover these areas:

Status of will and living trust – Assuming you have already drawn up a will, share it with your grown children. The same is true with a living trust, a popular estate-planning tool that may allow your survivors to avoid going through the time-consuming, public and expensive process of probate. A will and a living trust will obviously contain a great deal of information your children should know about – so take the time to explain your thinking when you created these documents.

You want to enjoy a comfortable retirement, and you want to leave a meaningful legacy through your estate plans. To help accomplish both these goals, you need to include your loved ones in your arrangements – so open those lines of communication.


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. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.



  Vic Bernstein, AAMS
  Edward Jones Investments

  622 Loudon Road
  Suite 202
  Latham, NY 12110

  (p) 518.783.1341
  (f) 877.692.7493

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