Estate planning is crucial to ensuring your assets are distributed according to your wishes after you pass away. It also allows you to make preparations in the event you become incapacitated.
Your plan involved careful consideration, and now that it is in place, you may be wondering if you should review your estate plan with your family.
Benefits of involving your family
One primary reason for reviewing your estate plan with your family is that transparency can foster trust and understanding. By having an open discussion, you can explain the reasoning behind certain decisions, potentially reducing confusion or hurt feelings after you’re gone. This conversation is also an opportunity for family members to ask questions and express any concerns.
As part of your estate plan, you likely assigned various roles to family members, such as executors, trustees or guardians for minor children. Reviewing your estate plan with your family allows you to explain these responsibilities and why you chose certain individuals for these roles. It also gives those individuals a chance to consider what is expected of them and, if necessary, decline the role if they feel they can’t fulfill their duties.
Unfortunately, the distribution of assets can sometimes lead to disputes among family members. By discussing your estate plan while you are still alive, you can address any potential sources of conflict head-on. This can help clear up any misunderstandings and reduce the likelihood of legal battles after your passing.
While there are several benefits to reviewing your estate plan with your family, you may need to approach the conversation with sensitivity. Many people have a difficult time discussing mortality. Family dynamics are also a key consideration when it comes to discussions regarding inheritance.
The goal of discussing your estate plan is to communicate the essential components and the rationale behind them. You may decide not to disclose every detail if you feel it might cause unnecessary tension. Most importantly, your loved ones understand that you have done everything you can to ensure they are cared for when the time comes.
