You might have the most elegantly planned estate – everything goes where you want it, how you want it, and in a manner that decreases the complications for your loved ones and makes everyone happy. But if you don’t tell anyone where it is and hide it under the floor of your chicken coop (a true story!), it is unlikely that your plan will be implemented.
Many people sign a Will or a Trust, but don’t tell the people who will be included in these documents. Some don’t want to let their children, relatives, or friends know that they might be receiving something after their death. Others simply view estate planning as a private matter. Whatever the reason, it is vitally important to share the details – at least some of the details – of your estate plan with the people you’ve named in your estate plan. It could be as simple as letting them know you have one, and where to find the documents after your death. It could be a big family gathering where you discuss in depth who gets what and why.
Communication is key because it reduces the confusion many loved ones feel after the passing of a relative, lowers the risk of fighting between beneficiaries, and increases the chance that your Will or Trust will be administered instead of being left in a shoebox in the back of the closet. So if you’ve completed estate planning documents but haven’t spoken with the people you’ve named in those documents, take some time in the next few days to do so.