LEGAL ALLIES, TRUSTED PARTNERS

Should you tell anyone about your estate plan?

On Behalf of | Dec 13, 2022 | Estate Planning

Your estate plan will include a lot of sensitive details about your life and finances. Oversharing information about your strategy can increase the risks of fraud. You might also get more backlash from family members who may disagree with your plan.

You do need to share some parts of your planning process with certain people. Involving the right individuals in your planning can provide clarity and guidance to those responsible for helping close your estate.

Participants

Plan participants can include a number of people such as trustees, powers of attorney, guardians, proxies, your executor and members of your legal team. Each of these individuals will play an important role in making sure your strategy functions the way you intend it to.

While you do not need to share every detail of your plan, updating appropriate parties when you modify your plan can help everyone stay informed. When everyone has a common understanding of how things will play out, you can encourage unity, understanding and teamwork.

Beneficiaries

Your beneficiaries will also appreciate having information about your plan. Having an idea of the amount of their inheritance might help them in their own financial planning efforts. You can also explain why you plan to distribute assets a certain way. U.S. News suggests that sharing this information with your beneficiaries can also reiterate your love and concern for them and their well-being even after your departure.

Use caution when you discuss elements of your estate plan. Think ahead of any discussions about which details to share and which to keep private. Sharing information about your strategy the right way may improve its function and give you peace of mind.