Contrary to what many believe, talking to your family about your estate plan is typically far better than keeping it all a secret. After all, in most cases, it will affect them as much as you.
Here are some of the things you should consider discussing with your closest family members:
1. Who is willing to take on certain roles?
You can either take a person aside and ask if they would act as executor and in other administrative roles, then tell the rest of the family if they say yes. Or you could just throw it open to your family and see which of them might be interested in taking on each role. Either way, leaving it clear that you have picked someone for a role (and will act on that by codifying it into a legal document) gives everyone peace of mind that things are taken care of and prevents confusion over who needs to do certain tasks if you fall seriously ill or die.
2. What would people like to inherit?
Things like money are often easier to split than sentimental items. For example, you could split the contents of your bank account among all your children equally if you wish when you die. Sentimental items can be trickier, even though there is less financial value at stake. Your youngest daughter might have politely refrained from ever expressing an interest in your wedding ring, for example, but she would love that far more than all the other pieces in your collection combined.
If you don’t know that you might randomly allocate it to another daughter who secretly thinks it is ghastly. An honest conversation about people’s likes and dislikes can help you make better choices.
3. Why you are making any unpopular decisions
Estate plans can cause confusion and unhappiness if someone feels you have treated them unfairly. You may have a valid reason for leaving more to one child or donating most of your money to an animal sanctuary instead of your kids. Taking time to explain your reasoning can help people understand and lessen the chance they challenge the plan when you die.
Learning more about estate planning can help you prepare for such conversations. It’s smart to get experienced legal guidance.
