A large part of an estate plan is about naming beneficiaries, which many people often assign to close relatives and friends. Other parts of the estate plan can include the executor of the estate, powers of attorney and child guardian. These are very important roles that require a lot of responsibility. There are many aspects of an estate plan that testators may need to discuss with family members before making any final decisions.
It is often important to have these conversations so that everyone included in an estate plan is aware of the role they may need to play. One of the difficulties of talking with family members about estate planning is that it could cause disagreements and falling-outs. However, having these difficult discussions could benefit the testator and family members. Here is what you should know:
How your family may react to your last wishes
It is often hard to know how family members will react when a testator talks about their estate plan. For example, a family member could disagree with how the testator is splitting their estate, and they may wish for a larger portion of the estate. This could strain a relationship and may even cause this family member to challenge a will after the testator passes away. Knowing this early, however, could allow the testator to plan ahead and draft a trust to protect their assets.
Relationships with family members could also strengthen with a conversation about estate planning. Assigning a family member as an executor, power of attorney or child guardian could show how much the testator trusts them.
It is important to remember that an estate plan may not make everyone happy. Understanding how family members feel about a testator’s last wishes can help the testator plan for the future. Contact the Quinn law firm on 814-833-2222 to discuss your options.
