Last week, I discussed the advantages of sharing your estate planning details with your loved ones. This week, we will look at some disadvantages of sharing your estate planning details with your loved ones.
Disadvantages to Sharing Your Estate Planning Goals:
Estate Plans Are Not Set in Stone. In most circumstances, you have the legal right to change or update estate planning documents whenever you like, as long as you are mentally capable. Over time, things may change, and you may adjust your estate plan. Sharing your plan with loved ones today might create expectations, leading to confusion if you make changes later that affect their inheritance or role in handling your affairs. When loved ones anticipate different outcomes, it can result in temporary disputes or permanently strained relationships. If you choose to discuss your current estate plan and make changes in the future, ensure the appropriate people are updated about the changes. Loved ones who are unaware can be caught off guard, creating conflicts during the administration phase.
Emotions and Disappointments. Sharing your estate plan may lead to disappointment among your loved ones. When a loved one is upset about how you have structured your plan, their unhappiness can create emotional strain between you. In some cases, sharing an estate plan can bring unresolved issues to the surface. They may hesitate to express their concerns or objections, fearing it could lead to further problems. This can also hinder your estate planning decisions. If this happens, you can work with a qualified estate planning attorney or mediator to help guide productive discussions among your loved ones.
Manipulation Tactics. Your loved ones may express their opinions or desires regarding your estate plan and try to pressure you to make changes you may not necessarily agree with. While it might be important to you that you consider their input, it can be challenging to balance their wishes with your own, especially if you have specific reasons for your chosen plan. You may feel significant pressure, particularly if you have a close or dependent relationship with someone trying to influence your decisions. Your estate plan should reflect your values and wishes, and you should make decisions based on what you want.
Doing What Is Best for You and Your Loved Ones
Sharing your estate planning details with loved ones can offer several advantages. However, there are potential downsides. The decision to share your estate plan should be crafted carefully, considering your specific objectives and family dynamics.
We can help you create a plan that aligns with your goals and discuss the potential consequences of sharing your plan details with loved ones. Contact our office today.