Many people’s closest relatives have absolutely no idea what is in their estate plans. In many families, it is something that people do not discuss. Whether it is due to a dislike of talking about death or a feeling that conversations about money are somehow dirty and best avoided.
Here are some reasons why you should not do your estate planning in secret.
1. You want people who are willing to help you
A comprehensive estate plan will require that you nominate one or more people for particular roles. There is little point in writing someone’s name in your estate planning documents only for them to turn around and say they’d rather not accept the responsibility when the time comes to call upon them. Discussing what being an executor, power of attorney or guardian means with those you pick is essential before you put their name on the paperwork.
2. You can put people’s minds at ease
Imagine that you suffer a terrible car crash and end up in a hospital bed with doctors unsure of whether you will survive. Or, perhaps there is no car crash, but your mind starts to deteriorate thanks to the onset of Alzheimer’s when you are older. Loved ones probably know there may be some difficult decisions ahead. If you include provisions for what you want to happen in such cases, it could take away much of the stress and worry for your loved ones. For instance, they don’t need to keep putting off the conversation about whether you should go into a nursing home for fear of upsetting you if they know you already have one chosen and money to pay for it set aside.
3. You can better tailor it to your beneficiaries’ needs and wants
Why spend ages considering which of your two children should receive a particular family heirloom when — if you were to ask them — one might tell you straight out that they don’t want it and you should give it to their sibling? Discussing things with them first allows you to create a plan that is a better fit. It also gives you the chance to explain any difficult decisions, such as leaving one child more than the other.
Learning more about how estate planning works can better prepare for these important conversations.
