It is common for people to avoid speaking about Estate Planning due to the uncomfortable emotions it can bring forth. Initiating the topic can seem awkward but it’s an important first step in getting your Estate Plan underway. Sharing how you would prefer things get handled should you become critically ill, or in the case of death, forces you and your family members to face the realities of mortality and how best to prepare for it.
This can be an especially uncomfortable conversation for those closest to the person bringing up the topic, such as your children or siblings. No one wants to face the thought that their parents are going to eventually pass away, or of losing their siblings who have been by their side their whole life. However, it is a topic that should not be ignored simply because it makes us feel uncomfortable. The future is unknown to us, and we do not want to miss our chance to discuss our Estate Plans before it is too late.
Why Should You Tell People Your Estate Plan?
Estate Planning includes essential information, such as who will receive your assets, who will oversee making your healthcare decisions, how you want your final arrangements to be carried out, who your Trustees are, and much more. With vital information being in your Estate Plan documents, you will be able to provide important directives that your trusted individuals can adhere to.
By discussing your Estate Plan with your loved ones, you can eliminate unnecessary confusion as to what your plans are and how you want things handled. You will be able to offer those you trust the chance to ask any questions they may have, and further clarify any topics they are unsure about. This will give you the peace of mind that your Estate Plan is known to those who will carry out its directives, and that everything will be taken care of properly after your passing.
Important Individuals to Inform About Your Estate Plan
It can be hard to decide who you will want to inform about your Estate Plan. That is why Trust & Will has put together a list of those who will be most important to have the Estate Plan conversation with:
It is common for people to use lawyers when creating things like their Will, Trust, or Healthcare Directive documents. Therefore, it is important for you to discuss your Estate Plan with them, as they are the ones who will be primarily helping you through the process of creating your documents. They are also often tasked with keeping these documents safe until your passing, so it will be important to stay in contact with them, especially if you need to update your documents at any point.
When you create your Trust, you will need to select a Trustee. A Trustee is an individual who you name as the one responsible for managing certain assets listed, if you cannot be responsible for them yourself, such as if you were to develop dementia. You will want to choose someone you fully trust with this obligation. To make sure that they are willing to hold this responsibility, you will have to first have the conversation with them about your Estate Plan and what their job will require. If they agree to accept the responsibility, it will be important to keep them up to date if you make any changes to your Trust that may affect them.
An Executor, often known as the Executor of Will or Executor of Estate, will be responsible for ensuring your instructions set out within the document are upheld after your death. They are often tasked with representing you in probate court and making sure all assets reach their new owners upon your death. To ensure that they have all the proper documentation they need and understand their exact responsibilities, you will need to have an open conversation with them about your Estate Plan. Being open with your Executor will help them have a clear idea of your instructions.
Powers of Attorney
Your Powers of Attorney can be responsible for a variety of different important documents. One significant role will be your Healthcare Power of Attorney, which is an individual you appoint to make healthcare decisions on your behalf in the event you can no longer do so. When you nominate this person in your Estate Plan, it will be vital to make sure that your wishes are fully understood by this individual. Your health decisions are some of the most important decisions of your life, therefore, you will want to appoint someone special that you fully trust will carry out health care decisions as you would want them to be handled.
You will also want to have a thorough conversation with your Financial Power of Attorney, as they will be in charge of all of your finances and accounts in your absence. It will be important to clearly discuss any payments they will need to make on your behalf, such as loans and mortgages.
By discussing your Estate Plan with your Beneficiaries, you can ensure that there will not be any big surprises regarding who will receive your various assets. Your family may be wondering who will receive your house or car, and by openly discussing your choices you can avoid confusion and potential arguments that may arise.
Trust & Will’s Newest Feature
Notifying all important people that are listed within your Estate Plan can be a time-consuming process. That is why Trust & Will has put out its newest feature that allows you to notify everyone who is within your Estate Plan seamlessly, making it easier than ever.
Discussing your Estate Plan with your loved ones and trusted individuals is difficult enough without also worrying about creating the documents themselves. That is why Trust & Will is committed to making the Estate Planning process easier with our online services. Don’t know where to start? Trust & Will even offers an online quiz that can help you determine what plan will fit your needs the best. With Trust & Will, you can create all of your essential Estate Planning documents online, including your Will and your Trust-Based Estate Plan, from the comfort of your own home. Visit our website today to begin planning now!