Who Should Know about Your Estate Plan?

Dont keep your estate plan a secret. If you want your plan to work, meaning that it does what you want it to do, others need to know about your estate plan.

In other words, your estate planning documents are not written on magical paper that jumps up, runs around, and carries out your instructions when you become disabled or die. You need help from trusted people and you can only get the help you need if certain people know about your estate plan.

Your professional advisors

Be sure to let your CPA, financial advisor, and insurance professional know that you are engaging in the estate planning process. Your professional advisors will have much to contribute as they share their expertise.

Estate planning is not a lone ranger sport. Your estate planning attorney will be happy to quarterback your professional advisor team. Each professional has expertise and experience to share and you will have a better plan for it.

Your trusted helpers

Be sure to let all those youve named as trusted helpers know about your estate plan. First, ascertain that each person is comfortable serving in the assigned position.

Trusted helpers include: executor, guardians for minor children, first responders, health care agents, financial power of attorney, and trustees.and successors for each role.

Your family members

How much detail you share is totally up to you, but its important to let your family members know that you have engaged in the estate planning process. Its a great time to outline your plan, answer questions, and provide peace of mind for your loved ones.

For example, relationships between your second spouse and your children will be greatly improved if your children dont think your new spouse is going to replace them and take your love or your money.

If you have questions about who should know about your estate plan, consult with a qualified estate planning attorney.