Talking to your family about your estate plan
Talking to your family members about your estate plan is an important part of the planning process. An honest and open family discussion helps to ensure that your wishes are carried out in an orderly and peaceful fashion. It may also reduce the chance of conflict among family members upon death.
Following the loss of a loved one, it is no surprise that money and possessions are a frequent source of tension among family members. Sometimes this tension exists before the death of a parent as well. Because of this, you may be reluctant to share specific information about your wealth and distribution plan, especially if you plan to make unequal distributions. It is important to remember that it is not necessary to share specific details if this makes you uncomfortable; however, sharing basic information and painting a general picture may help maintain harmony among family members. If you do not want to discuss your
distribution plan, leaving a letter or video for your family explaining the reasons for your decisions may be helpful.
Additionally, your children or trusted family members need to know where your estate planning documents are kept and have access to that location. Your documents are of no use if no one knows where to find them. It is also a good idea to keep a list of accounts, passwords, and other important information about your property with your other documents. Discussing this information with your loved ones can help prepare your family for death or incapacity and reduce the likelihood of conflict later. Depending on your family dynamic, sharing certain information about your plans on the front end can go a long way toward helping your family after you are gone. Children love surprises from their parents; but your estate plan should not be one of them.