People who will be affected by your estate plan should be aware of it.
Not telling your family members about your estate plans can be a big mistake as the Rocky Mountain Telegram points out in “Retirement and estate planning is a family affair.”
Many people do not want to reveal the details of their estate plans to family members even though the estate plans may have a big impact on those people.
The two biggest reasons to tell your family about your estate plan? First, if your estate plan does not come as a surprise after you pass away, then your family is less likely to fight over your estate. Second, family members who know about your plans can more easily make their own plans for their financial futures. These two reasons combined should be enough for everyone to consider letting loved ones know about their estate plans.
Reference: Rocky Mountain Telegraph (June 24, 2016) “Retirement and estate planning is a family affair.”
