Who will carry on the values most important to you? Who will support your family if something happens to you sooner than you expected? Who will receive what, and should anyone know about that in advance? These are just a few of the questions to consider.
Having an estate plan is only the foundational step in protecting your interests. Failing to tell your loved ones about your estate plan can make or break this strategy working. It can cause many different problems when your family members don’t know what to expect, and although it might be uncomfortable to discuss this, it is important to prepare them for upcoming circumstances.
Your heirs should also have some basic knowledge or education around how to manage these assets. It may be difficult for them to handle a sudden inheritance. They could fall victim to bad investments or scams and end up ruining their wealth, but the more effort you make to properly educate them and inform them can prepare them to make good decisions.
An effective estate plan can also help support your loved ones for years to come by avoiding family conflicts.
Everyone who is familiar with the why behind your decision making has the ability to potentially accept this decision and this reduces the potential for will and trust conflicts that can delay the administration of your estate. Make sure that you consult with an experienced and dedicated estate planning attorney before crafting an estate plan and to learn more about the process of discussing this plan with your loved ones.
A Michigan estate planning lawyer is here to answer your questions and to help you with the planning process.