There is a misconception that we should keep our wills and other estate planning documents a secret from our family. This idea likely comes from movies and television.
In reality, there are several good reasons to sit down with your loved ones and review all your legal documentation.
Open discussions prevent misunderstandings
The primary purpose of having an estate planning discussion with your family is to ensure they fully understand your wishes. By clearly stating how you want your assets distributed, your choice for executors and guardians (if applicable) and special bequests, you can help prevent any misinterpretations, surprises and potential conflicts.
Your family may also have valuable insights or concerns you hadn’t considered when creating your estate plan. They can provide input and ask questions, leading to a more comprehensive and thoughtful estate plan.
Estate plans often include designations for key roles, such as executors, trustees and guardians. If you’ve chosen family members for these responsibilities, it’s important to discuss your decisions with them. This ensures they are aware of their roles and understand their duties. It also gives them the opportunity to decline if they feel unable or unwilling to take on the responsibility.
Discussing your estate plan with your family also offers the opportunity to have honest conversations about sensitive topics. Many people are uncomfortable discussing end-of-life care preferences and funeral arrangements; these discussions are essential to respecting your wishes.
Furthermore, you are providing your heirs with the opportunity to educate themselves and prepare for their inheritance. This knowledge empowers them to make informed decisions and manage their inheritance responsibly.
Losing a loved one is emotionally taxing. Dealing with your estate and being unsure of your wishes only adds to the stress. Knowing your intentions in advance will help your family navigate the estate administration process more smoothly and with less emotional turmoil.
