It’s easy to feel like estate planning is something that you do by yourself, for yourself. That can be true in some situations. However, other people are impacted by this plan. Therefore, it may be a good idea to talk with them throughout this process.
In fact, some experts say that one of the most important things people can do while developing their estate plan is to talk to their heirs about that plan and their intentions.
Why is this true? For one thing, it eliminates confusion. You know that your heirs understand what your goals are and why you chose to set up your estate plan in a certain way. They don’t have to guess or fabricate stories. Whether they agree with your reasoning or not, at least they know what it is.
On top of that, communication may help your heirs avoid estate disputes. If one heir does not think that the will reflects what you would really want, they may choose to dispute it. It could be that your heir simply does not understand why you wanted what you wanted. By not telling them in advance and neglecting to have that conversation, you create a lot of stress for your family and you may put them into a long, drawn-out court case that could easily have been avoided.
As you start working on your estate plan, keep the value of communication in mind. At the same time, remember to carefully consider all of the options you have, what your goals are for the future and what steps you can take to reach those goals.