One of the most important things you can do in planning for your estate is to make sure you communicate with your family members and let your them know what to expect. Estate disputes are more likely when family members are surprised after a loved one’s passing.
Many people find it difficult to decide how much information to share. While it is common for children to have a general idea of what is in their parents’ wills, they often do not know the exact terms. And very few people actually review a parent’s will while the parent is still living.
Considerations for storing your will and sharing your plans with your family
You should keep your will in a safe location, such as a safe deposit box, your attorney’s office, or a home safe. The will must also be accessible, so that your loved ones can locate it easily after your death.
It is also advisable to avoid circulating copies of your will and to destroy all copies of your prior will whenever you amend your will. Otherwise, an heir whose share of your estate is reduced over time may to attempt to probate a copy of the will that most benefits him or her.
Allowing your heirs to review your will with you or your attorney while you are alive can be a good way to make your wishes known and ensure that your desires are carried out. This is especially true if you are concerned about a loved one’s reaction to your estate plan. The chances of a will contest will be greatly reduced if your family understands your desires in advance and knows what to expect from the probate process.
Other estate planning documents to consider sharing
Regardless of whether you choose to share your will with your family, it is important that they know of and have access to your power of attorney and living will and that the fiduciaries named in those documents have agreed to accept the role assigned to them. Your fiduciaries must also be able to access those documents quickly so that they can speak and act on your behalf if you become incapacitated.
How much you share is up to you
Making sure your heirs know about your plan for your estate is the best way to open up communication about your wishes and avoid disputes after your death. How much you should share is entirely up to you, but it is important that you address the topic. Keeping your affairs private until after you are gone may create disagreements among your family members which, combined with their grief over your passing, can damage or destroy family relationships.
If you would like to discuss additional ways to avoid estate disputes after you are gone, or if you are an heir that feels blindsided by a loved one’s will, we can help.
We have handled estate disputes for hundreds of families and have the knowledge and expertise to help protect your interests. Contact us today to schedule a consultation.
