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2 groups of people to talk to about your estate plan

On Behalf of | Dec 28, 2023 | Estate Planning |

Many people think estate planning is something you do in secret, allowing for a grand reveal when you die. Yet, it is much better if you tell certain people about your plans now.

Here are some of the people you need to converse with:

Those you wish to give a particular responsibility

You need to name an executor to carry out the plan you create. You should also name a power of attorney to carry out your legal and financial transactions if you become unable to. Consider a health care power of attorney to communicate your treatment wishes to the doctors if you cannot. And, if you have minor children, you should designate a guardian to take care of them should you die before they turn 18.

All these roles require people to give up their time for you, so you must have a proper conversation with those you want to nominate to ensure they are willing to take on the responsibilities.

Those who probably expect to receive more than you intend to leave them

If you want to cut someone out of your will or leave them much less than their siblings, it’s wise to tell them you are doing that now. If you leave it as a nasty surprise for them, they may think you made a mistake or that someone else pushed you to make that decision. In both cases, they might then launch a legal challenge, which will delay the whole probate process for everyone.

With help to learn more about estate planning, you can ensure that you and those around you are prepared for the future.