Which details should you share with beneficiaries?

On Behalf of | Nov 16, 2021 | Estate Planning

Your estate plan contains confidential and personal information. Considering you have specific instructions regarding the use of your assets, you should use caution in sharing too many details.

However, you may wonder if there are aspects of your plan that your family should know about. Your beneficiaries, in particular, may benefit from having an idea of what to expect.

Roles and expectations

Closing your estate will require the help and expertise of more than one person. For example, you will want an attorney to provide legal counseling for your surviving family members. You will need to have witnesses to verify the legitimacy of your will. You may name an executor to oversee the closure of your estate. Even while you are still alive, you may name a medical or financial power of attorney to guide your decisions as you age.

Filling your beneficiaries in on who they can expect to work with may ease tensions later on and help everyone know what to expect. You can also discuss your expectations for everyone’s behavior when you pass away. For example, you can encourage your beneficiaries to show compassion and understanding toward each other. You can describe the legacy you wish to leave behind in hopes of encouraging unity later on.

General information

Depending on the ages and maturity of your beneficiaries, you may consider disclosing basic details about their inheritance. This is especially helpful if you anticipate giving some monetary gifts while you are still living. According to CNBC, communication can facilitate understanding which may reduce the risks of family discord after your death. Providing a brief description of what to expect may provide clarity for those you care about.

If you ever experience significant life changes that involve your beneficiaries, timely updates can prevent disappointment. Divorce, death or changes to personal relationships may all require you to make changes to your original plan.