From what Hollywood and movies portray, when it comes to your estate plan, it is best to keep it a secret, hidden away from your loved ones. However, this is not always the safest or smartest option. We know that every individual and family has different dynamics, and that there is no single perfect estate plan that meets everyone’s needs. Still, we can guarantee that keeping your estate plan secret or hidden may be more harmful than helpful. So, here are a few reasons why it is best to be transparent with your loved ones and executors about your estate plan.
End of Life Care
Many estate plans have documents like a living will that contain helpful information that can dictate end-of-life care, decisions, and what kind of measures you want to be taken if you are incapacitated. If your loved ones or medical providers cannot access these documents, it may mean that they are left to decide without any insight into your wishes. If you want your specific wishes met, it is crucial that your loved ones know what your wishes are and can access your living will if those decisions need to be made. And, if you are concerned that the person you choose to handle your affairs may not follow your wishes, they may not be the right choice. Either way, being open and honest is the best way to handle these kinds of conversations.
Future Heirs
If something unfortunate happened to you, and your family and heirs could not find your estate plan, your property may not be distributed the way you want it to be. Or, at the very least, it can delay the process. In some cases, if your plan is never found, the state will consider your hidden will revoked and your assets will be distributed according to the state’s laws, which prioritizes relatives and spouses. Most of the time, the person you chose to be your Executor will be replaced by a court-appointed Administrator. All of these things can cause further distress and issues for your loved ones and may result in your last wishes not being met. Either way, having a few people or even a lawyer who knows where your estate plan is may be the best way to ensure it is followed and upheld.
Peace of Mind
Unfortunately, accidents happen, and things can change in the blink of an eye. In the case that you are incapacitated or unable to make decisions for yourself, it is best to have a loved one know what your wishes are. It is also important that, if something is to happen to you, your family has peace of mind knowing your assets will be distributed with ease, without them having to deal with further issues or the court system. In a lot of cases, there is a lot of uncertainty and stress that comes with the days, weeks, months, and years after a loved one has passed. Knowing that your loved ones will be cared for even after you are gone is the best peace of mind and gift you can have.
Though every situation is different, we know there are certain cases where it may not be best for your entire family or relatives to know your wishes and official estate plan. Sometimes, this can lead to relationship issues, grievances, or worse. However, choosing a select few people or an estate planning attorney to share the location and a general overview of the estate plan will be the best option. Have conversations with those you love, ensure your estate plan is official and legal, and keep everything up to date to protect yourself and your family. Leslie Craft at Craft Law Offices has the experience and capabilities to help you create, edit, and finalize your estate plan to ensure all your wishes are met and upheld. Contact our office today to see how we can help you – 252-752-0297.