There seems to be a misconception that no one should know what’s in your estate plan until you pass away. Too many movies have shown family members gathered around while the lawyer read the terms of the will.
In the real world, there are several reasons why you should discuss your estate plan with your family.
Save the drama for Hollywood
When an estate plan is kept secret, there is the potential for misunderstandings and family disputes. Disagreements can tear families apart and lead to litigation.
Instead, estate planning should be an opportunity for you and your family to have open and honest conversations. Some people may feel uncomfortable having this type of discussion, so it’s best to choose a relaxed setting free from distractions.
Spend some time explaining the elements of your estate plan, such as the distribution of assets, guardianships and trusts for minor children, advanced directives and your final wishes. Without clear communication, there may be misunderstandings among your family members.
Be prepared to address any concerns your loved ones may have. Uncertainty about inheritances often leads to conflicts. By encouraging open dialogue, you can help mitigate any potential disputes.
Discussing your estate plan also helps ensure your loved ones respect your wishes. By having the opportunity to explain your reasons, you are communicating your values and priorities to your family.
If you have named any family members as executors, powers of attorney or guardians, sharing your estate plan with them allows them to understand their responsibilities and be prepared to fulfill them when the time comes. It also gives them time to inform you if they feel they can’t take on the role you assigned to them.
Most importantly, by sharing your estate plan with your loved ones, you strengthen the family bonds. Everyone can have peace of mind knowing that your affairs are in order and that they are prepared to carry out your wishes.
