If you are about to make your first estate plan, you might not be inclined to tell others you are doing so. While you could make an estate plan without telling anyone else, it tends to be more effective when you do share some things with a select few others.
Here are some of the people you should consider talking to about it.
1. Those you want to fulfill roles
You need someone to execute your plan, someone to act as a power of attorney and perhaps someone to act as a trustee or as a guardian of any minor children you have. You need to get their consent now, so you can document your choices in your estate plan. So you need to talk to them about what it would involve first.
2. Those who could be left feeling disappointed or upset
While no one would expect to benefit from every estate plan out there, most people expect to get something from one or two people’s plans. If you expect someone to be unpleasantly surprised at your decisions, you may want to explain your choices to them now. Otherwise, they will be left to come up with their own reasons as to why they lost out, and that might lead them to reach the wrong conclusion or take matters to court, causing distress and delay for others.
3. Those who will worry the most when you get ill or die
Some people take most things in their stride and deal with whatever is in front of them. Others are more easily panicked. It’s not just about personality, either. Sometimes it is about financial security. For instance, if your normally calm and collected spouse were to lose their job and have you fall seriously ill at the same time, they may be beset with worry about how they will pay the bills to ensure the children have a roof over their head and food on the table.
Letting those who would be most affected by your passing or serious incapacity know now that you have plans in place can provide vital reassurance at what will likely be an incredibly challenging time for them. You could tell them you have a power of attorney in place or money set aside in a trust, for example.
One more person it is wise to discuss your estate plan with is a suitably experienced legal professional. They can provide guidance on how best to create a plan suited to you and your family.