Many people consider estate planning too private or morbid to discuss. There's even an element of superstition that talking about bad things will cause them to happen. But while having these conversations takes a lot of courage, they can help avoid surprises, lead to better financial planning and promote family harmony. Even in the most open families, the conversation often quiet when two subjects arise: death and money.

The benefits of having a dialogue about estate planning within your family don't stop at asset protection and an accurate understanding of intentions. But also have following benefits:

1) Bring your family a sense of empowerment i.e. that you are taking control of each other's collective future
2) Pass on family values
3) Help your family develop a common understanding and a common philosophy for how you and your family's legacy will be carried out through generations
4) Help prepare the family in the event you or another family member becomes incapacitated
5) Help other members of your family, your parents, your siblings, or your children develop a responsible plan
6) Avoids dispute in the family and helps in maintaining family harmony
7) Allow your family to take advantage of some of the best tax strategies

Don't wait until a time of crisis for a proper conversation with your family members. Good estate planning will ensure that your assets are appropriately distributed and that your loved ones will continue to be taken care of in the event something happens to you. When planning your estate, you could use tools such as a will, setting up a trust, establishing power of attorney etc.