Once you have made your estate plan, you could just file it away without telling anyone. Yet, that is probably not the best decision. Instead, you should consider telling some people about it.
Doing so will make their life easier when you pass away.
Start by telling someone where your estate plans are kept
You might leave a copy with the law firm that creates it for you. Or you might put a copy in a drawer or safe deposit. Just makes sure that someone knows where to look to avoid them wasting time and effort searching for it. Remember, you can also include funeral instructions in your plan, so the sooner people can access it, the more likely they carry out everything as you wish.
Consider discussing who gets what with your beneficiaries
You might think your daughter would love your gran’s 42-piece tea set that she used to play with as a kid, but the only way to be sure is to ask. There is little point in leaving it to her if she would find it a burden to store and would rather donate it to the charity shop.
While few beneficiaries will be upset about receiving more valuable assets, how, when and in what form they receive them can have significant tax implications. Discussing this first can help you plan for this.
The other excellent reason to talk to people about your estate plan is to reduce the chance of conflict over your decisions. You have every right to leave one child more than the other, but if you do not explain your reasoning now, the one that receives less may suspect that their sibling manipulated you. That could lead to ugly court battles, which benefit no one.
There is a lot to consider when creating an estate plan. Get legal help to document everything clearly and effectively, so that you don’t leave behind any unintentional conflicts for your family to sort out when you’re gone.