We have often told our readers about the importance of making an estate plan. In some of our posts, we have discussed how important it is to let your loved ones know about your estate plan. In our post last week, we discussed the case of Ernie Banks' will, which is being contested by his wife because she wasn't a party in the will. Instead, Banks left assets to his long-time caregiver.
When you think about the Banks' will, you can see how not letting your loved one know what your estate plan entails could cause problems. There are two big advantages to letting your loved ones know about your estate plan: you can answer questions and they know what to expect.
Your loved ones might have questions about your estate plan. By discussing your estate plan in advance, you can let your loved ones know what they can expect when you pass away. This is a good time to make sure that you have covered everything in your estate. If your estate plan changes, you should let your loved ones know about those changes.
If your loved ones know what to expect when you pass away, they won't have to worry about how everything will be divided when you are gone. Instead, they can focus on grieving and handling your final arrangements.
It is important to make sure that your estate plan is created in a way that is legal so that your decisions are complied with. We can help you ensure that your estate plan is set up to do what you intend it to do.