Your estate plan likely contains private information regarding your finances, investments and legacy. While you do not want to share this information without boundaries, you may want to inform those close to you of your intentions.
Understanding the value of talking to your family about your plan can help you effectively prepare for your future.
Roles and responsibilities
Closing your estate will require the coordination of lots of moving parts. Given that your death will be the situation under which your estate will close, you will need the help of people you trust to execute your plan. According to CNBC, you may want to disclose who you have chosen to fulfill certain roles, to your family.
You can provide a description of each person’s responsibilities. This simple discussion with people who will benefit from your plan can provide clarity and understanding. When everyone understands each other’s role within your estate, they can provide support and encouragement to each other which may improve unity both prior to and after your death.
Expectations and execution
Your estate plan provides a description of your expectations for your wealth and sentimental possessions. You may also include your expectations for your family name and the legacy you wish to leave. Including your family in a conversation about your expectations and how you wish to see your plan executed can help everyone understand your intentions.
One of the benefits of talking with your family about your estate plan is to reduce familial tension after your death. When you set clear expectations and everyone understands their place, you can minimize the risks of misunderstanding, fraudulent activity and confusion in relation to your estate.