Making a will is just one step in the estate planning process. There’re many things you must do to leave a tidy estate behind, one of them is discussing your Will with your family.
Why should I discuss my Will with my family?
It’s a good idea to start preparing your family and regulating their expectations about your Will early on. Especially if you’re making any changes to your Will. Sitting down with your family and explaining why you choose to leave your assets to each person will assist close relatives recognise that you tried to be fair in your distribution.
It’s possible that you’ve determined that your youngest child, who married into an affluent family, doesn’t require as large an inheritance as your oldest child, who is a nurse. Explaining why you left more financial assets out of necessity rather than just sharing things evenly might help avoid any surprises and the Will being challenged after your death.
What should be talked about?
You should make sure that you and your family go through every detail of your Will. They are, more often than not, the primary beneficiaries of your estate plan. You may have chosen to donate the majority of your assets to charity; and instead purchased insurance policies to provide for your family. Explaining what they will receive as a result of the insurance policy and how your Will would benefit them may make them happy than being told they will not inherit your assets when your Will is read.
It’s difficult to talk about these things with family, but if there’s going to be resentment. It should be expressed sooner rather than later so you have opportunity to explain your selections. Or even modify your Will to disinherit people who aren’t happy with your choices.
What should you do if people are dissatisfied?
The most of the time, however, your first instinct isn’t “Like it or you’ll be disinherited”. Of course, there’s nothing stopping you from altering your beneficiaries if you decide it’s necessary.
However, you might start by taking some more constructive moves. If clarifying your decisions isn’t helping to console people who are upset; then you might wish to chat to them in private and discuss why they are upset. It might assist you in finding a strategy to get them to accept your decision.
Ensure that your wishes are honoured
When a Will is read and the family is unaware of its contents, it can be a rude awakening and lead to the Will being challenged. Writing a Will, on the other hand, has made it plain how you want your estate distributed. By speaking with your family and clarifying your preferences, you can make it much easier for them to accept the terms of your Will and ensuring that your wishes are carried out.
Do you need assistance creating your Will or putting up an estate plan? Contact Probate Forms today to see how we can help you get your affairs in order.
