Some families are more open with each other about money than others. If your family doesn’t like to talk about those things, you may see no reason to tell any of them about your estate plan, and they might not dare to ask.
Unfortunately, that could cause problems further down the line.
Plans are best shared
You are planning for a point when you can no longer act because you are either seriously ill or dead. You will not be able to help implement the plan when it’s required. So who is going to handle it all?
Even if you name an executor who is not a family member, your nearest and dearest will get involved in some things when you die. If you need your estate plan because you fall seriously ill and cannot communicate with doctors yourself, you can bet your family will be involved too.
Not sharing your plan won’t help them in either scenario. Imagine your boss at work saying, “In an emergency, follow the plan,” only they never tell anyone the plan, and they’re not around to implement it when that emergency happens.
How much you share is up to you
Some people might only want to share the minimum, such as who they’ve named as executor and where to find the relevant documents. Others may consider going into far more detail about who gets what, which is an excellent idea if you’re not giving each kid the same amount and explaining why now can avoid fights later.
Getting legal advice can help you learn more about this and other estate planning decisions you’ll need to make.