Planning your estate will require time, patience and ongoing effort. Even though you control the planning, you will want to involve other people in the process.
Knowing who to involve can add to the value and effectiveness of your plan. The people you will rely on to execute your plan will appreciate the opportunity to take part in discussions about your strategy and intentions.
People benefiting from the plan
One of the biggest advantages of estate planning is to provide support for the people you care about. You should involve the people who will benefit from your plan as you finalize decisions. This could include heirs, beneficiaries and anyone else who will receive something from your estate. According to U.S. News, some reasons to talk about your estate plan with your children include the following:
- Reiterate your care for them
- Reduce unnecessary expenses
- Lower taxes
Another benefit of talking with your children is to provide clarification. This could help reduce the risks of an estate dispute after your death.
People executing the plan
You will also want to involve the people who will execute your plan. This may include powers of attorney, trustees, health care proxies and your executor among others. Each of these people will play a critical role in seeing that your plan unfolds the way you intend it to.
Knowing that you have spoken at length with the people involved in your plan can give you peace of mind. The effort you put in now to make sure everyone stays informed could be the reason your estate dissolves effectively and efficiently later.