Getting an estate plan established is difficult for some individuals because it forces them to acknowledge that they won’t live forever. It might be even more uncomfortable for those individuals to discuss their estate plans with their loved ones.
While there are many things in life that you might want to keep close to the chest, your estate plan shouldn’t be one of those. By talking to your heirs and beneficiaries about your estate plan, you’re giving them the opportunity to ask questions and get clarification about anything they don’t completely understand.
Use compassion when discussing the matter
Talking about your estate plan is probably a highly emotional discussion. You should have compassion for everyone involved in the conversation. There’s a chance that what you’re telling them is a shock. They might suddenly realize that you won’t always be around. Allow them time to process the information that you’re giving them.
Provide valuable information
Tell your loved ones as much about the location of important documents as you can. Let them know where your estate plan is located. Tell them where to find your letter of instruction. Discuss who will handle the estate and who has power of attorney over your health care and finances. All of this information can help them if you become incapacitated or in the days immediately after your death.
Creating your estate plan is something that you shouldn’t put off. It’s one of the only ways you can ensure your loved ones are taken care of after you pass away. Getting the plan together doesn’t have to be difficult, but you must ensure that everything in it is legally binding. This can prevent challenges to the will.