Making an estate plan is a positive step that many people fail to take early enough. That can leave them and their loved ones vulnerable if something untoward should happen to them.
One mistake those who have made their plan often make is to fail to tell people they have done so. They consider it to be no one’s business but their own. The truth is, giving a select few some information about your plan is a sensible move. Here are some of the things you might want to mention:
1. Where to find your plan
You will either be dead or severely incapacitated when your estate plan comes into play, so you won’t be able to indicate to others where the required documents are. Telling someone now avoids them wasting time looking for it when needed.
2. Who you have chosen for particular roles
You should always get people’s permission before putting them down for a role such as executor, power of attorney or guardian. Letting others know could help avoid confusion later, especially when it comes to things such as a health care proxy– as various family members may be keen to make their views known to the doctors.
3. Any contentious decisions you have made
If a decision you made in your estate plan could upset someone, or lead them to accuse others of influencing your choice, you may be better off explaining your decision now. By doing so you can hopefully prevent disputes or misunderstandings from occurring.
You might also want to point your chosen executor in the direction of the legal team you used to create your estate plan, in case they need any assistance executing it.