When making an estate plan, it’s a good idea to talk to people who will be impacted by that plan. This includes your heirs and beneficiaries. You want to get feedback from them and get their input on how this plan should be set up.
Legally speaking, the plan is something that you can make on your own. You don’t necessarily need their input. But why is it helpful to get it?
You know what they’re willing to do
One reason is simply that you can talk to people about different roles and find out what they are willing to do and comfortable agreeing to. For instance, you may want to start a trust and assume that someone will make a great trustee, but it is certainly wise to clear this with them first. The same is true for those who will make medical decisions.
You find out what they want
You can also ask your beneficiaries about specific assets that they want. Much of the time, assets with a lot of sentimental value can cause estate disputes. This is just because people will have strong opinions. But talking to all of the children in advance may allow you to come up with a solution as a family that can avoid these disputes.
They know what you wanted
Finally, talking to your heirs about your estate plan means that they have a very clear idea of what you wanted and what you intended to do. They have a much greater level of understanding than if they’re simply given a copy of the will after your passing.
Once you get this process started, make sure you know about all of the legal steps you’ll need to take.