Adults who create an estate plan may think that the work is over once they have their documents together. One thing they may forget about is telling their beneficiaries about the existence of this plan.
If you have your estate plan written out and haven’t discussed it with your beneficiaries yet, now is the time to start thinking about that conversation. While there’s no legal requirement for you to let them know about the contents of your plan, talking to your loved ones about it while you’re still alive can help them to understand your wishes and avoid potentially unpleasant surprises after your death.
#1: Choose an appropriate time and place
You should have this discussion in private at a time when you don’t have to rush. It’s also a good idea to make sure there aren’t any other major life events occurring at the time you have this talk with people who might otherwise be quite overwhelmed.
#2: Consider printing copies of the estate plan
Unless your estate plan is very simple, it may be beneficial to print out a copy of the plan for each person. This gives them a hard copy to review so they can be prepared to follow its terms.
#3: Prepare for questions
Your loved ones may have questions about your estate plan. Being able to answer those while you’re still around may help them to follow your wishes after you pass away.
Ultimately, your estate plan should reflect your wishes in a way that can be legally upheld. In addition to the above-noted benefits of proactive communication, letting your loved ones know what’s in your plan may help to minimize a risk of legal challenges after you pass away.
