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Whom should you talk to about your estate plan?

On Behalf of | Jan 28, 2025 | Estate Planning and Probate |

Some people prefer to keep their estate plans private. Others are happy to share details with those close to them who are included in the plan or expect to be. Whichever camp you fall into, some conversations about the topic is a wise idea.

Here is why, and whom you might need to talk to:

Estate plans require people to fulfill certain roles

A good estate plan will name people to take on certain roles:

  • If you have minor children, you should name a guardian. This person will take on responsibility for raising them if you were to pass away before the children reach 18.
  • Everyone should name an executor to administer their estate plan when they die.
  • A health care agent is also advisable to prevent confusion when doctors need a decision from someone about how to proceed if you fall seriously ill and cannot speak for yourself.
  • A financial power of attorney can step in and do things such as pay bills or sign legal papers on your behalf if you become unable. They can help to keep things flowing for you and your family.

You should get people’s consent before appointing them to these and other critical roles rather than leave it for them to find out later when it may be hard to refuse.

Talking can clarify needs, preferences and motivations

Maybe you plan to leave the bulk of your estate to your younger child as the elder one seems to have all they need.  How do you think the elder child would feel about receiving a smaller share if you never explained why you were doing it? Would you change your mind if you found out that their company was on the point of bankruptcy and their success was all an illusion to try and impress you?

Families are not always great at telling each other the truth, but an effective estate plan relies on accurate information. An honest conversation can improve your estate plan and perhaps act as the catalyst for greater understanding.

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