Communication Is Key for Creating Your Estate Plan

Many people know firsthand the frustration and confusion that can come when a loved one doesn’t complete their estate plan. In many scenarios, this can involve family members looking for old copies of wills and disputes filed over which version of the will is accurate.

It can also lead to the state distributing your loved ones’ assets in accordance with their intestate succession rules. So many estate plans also fall off track because even if your loved one has done the necessary planning, you may not know where to find these documents or to understand their reasons for why they drafted things the way they did. One research study from the Williams Group found that the breakdown of trust and communication represents 60% of wealth transfer breakdowns.

The final step in the estate planning process involves communicating the plans to your loved ones. These conversations can feel uncomfortable, and your family members may even resist discussing it. However, it is important to deliver the message as effectively as possible.

If no one but you know what you have arranged or where your documents are stored, it will be problematic for your executor or personal representative to find this information and to open your estate in a timely manner. There can also be confusion and arguing within your family about what you intended until the appropriate documents have been found. Set aside a time to complete your estate planning and to talk about your estate planning intentions with your family members.