As with most everything, people have differing opinions as to whether you should talk to your loved ones about your estate plan. Communicating your plans and your wishes to your family can help prevent conflict and confusion when your plan is put into place. Generally, you need to consider your family’s circumstances, values, and each person’s ability to handle the information when deciding whether to share your plans.
Even if you do not want to disclose your net worth or your assets, I believe it is important to tell your fiduciaries—the people who will take over your affairs in the event of your incapacity or death. It is important for them to know that you have prepared a plan and how to find it when they need to access your legal documents.
My clients all receive binders that have useful tools to help them to get organized. When the time comes for someone else to take over, that person can use the binder to quickly and easily find all of the important information for my client’s lives (such as names and phone numbers of trusted advisors, contact information for people that they want to have contacted in the event of an emergency, lists of insurance policies, military, and social security records, and the like).
There are MANY ways to maintain open communication about your estate plan and your wishes, even after you have gone. Everyone’s situation is different, everyone’s estate planning needs are different, and everyone’s strategies for communicating their estate planning information will be different. We are happy to help you determine the importance of communicating your particular goals, as well as, how and when it is best to do so.
To make sure your plan fits your needs and goals call our office at 303-984-9900 to schedule a FREE Initial Consultation.