A lot of people make their estate plan and then never say another word about it to anyone. The details are only revealed to those affected when they die.
This can be fine, especially if your estate plan turns out to be as everyone expects. Yet in some cases, it can prove problematic for those affected by it.
Someone has to have those difficult conversations
Let’s imagine you have four adult children, who assume you will divide things equally between them. You have other intentions, however. Maybe you believe one child deserves a much greater share due to what they did for you over the years. Perhaps you plan to leave one child nothing at all because you are estranged. Or, maybe you think they’ve all done well enough on their own and are comfortable, so you’re planning to leave all your assets to a charity that helps children in much less fortunate positions.
You can certainly do any of those things if you wish, but in all those cases, it may be better to explain your choices to your loved ones now, rather than leave them to learn about it after you die. Yes, it is possible that they could get upset with you, and you may be reluctant to engage. However, the potential for them to take the news badly will be greater if they don’t find out from you.
A child who you leave out or who does less well than others in your estate plan might accuse their siblings of manipulating you. If you were to leave everything to a charity, your children might work together to try to stop that from happening. A difficult conversation now can make it easier for your loved ones to accept your decision — and make it easier for your will to prevail. You do not have to communicate every detail, but it is wisest to give your loved ones an overview.
It can ease the burden on them
Even if your estate plan is as people expect, talking a little about it now can make things much simpler for those you love. If you tell them who the executor is, who has power of attorney to pay the bills if you become incapacitated, etc, it allows life to flow more smoothly when the estate plan is called into action.
The choice to discuss your estate plan with your family is yours to make. Be sure, however, to discuss it with a legal representative, as they can help you to better ensure your plan functions as you intend.
