Creating your estate plan is a private matter. Even if you generally do not mind if people know about your business, keeping aspects of your plan confidential can prevent your assets from ending up in the wrong hands.
You may, however, desire to share some of your intentions with your family. This is important to facilitate understanding, as well as to help them feel comfortable carrying out your plan after you die.
Information of value
Some aspects of your estate plan may directly involve the support and understanding of your family. According to Market Watch, some topics that influence everyone may include the following:
• End-of-life wishes
• Life-saving measures in critical circumstances
• Contents of your will
• Power of attorney
In order to adequately support your desires and adhere to your instructions, directly addressing topics such as those listed above can increase your family’s confidence and decrease your worry.
Strategies and reasoning
Your family may also have an interest in why you made the decisions you have. While you do not have to share all of your reasons, providing some context may reduce the risks of familial discord after your death. According to CNBC, your choice to share relevant information about your plan can help your beneficiaries to coordinate their own plans after accounting for their share of your estate.
Ultimately, you decide what you would like to share and what you would like to remain confidential. An attorney may help you determine what information your family would benefit from knowing. They can also help you identify which details are better to keep private.
