Do you need to tell your family about your estate plan?

On Behalf of | Aug 1, 2022 | blog, Estate Planning | 0 comments

When family members ask about your estate plan, you might wonder what to tell them. Some may inquire because they care. Others might only want to press you to know what their inheritance will be like.

Monitoring the information you share can protect you and alleviate the pressure of knowing other people know sensitive details. However, sharing some information is good and might reduce the risks of inheritance disputes.

Consider the dynamic

Family dynamics can play a big role in determining what to share about your estate plan. For example, if you have children from different relationships, have remarried or have estranged family members, the information you share could differ drastically.

Consider the relationship you have with various family members. According to CNBC, when considering what to share about your estate plan, think about whether or not heirs would appreciate knowing about inheritance so they can factor it into their financial plan. Experts also say to consider disclosing your intentions if you plan to give family members different sums. Providing an explanation for your actions could help keep the peace.

Consider the intention

Be wary of family members who continually press you for information about your plan and the value of your assets. Consider their intention for wanting to know such information. Even if you share some of your estate plans, never divulge important information such as passwords.

If you discuss your strategy and you feel that some inquiries are not appropriate or are irrelevant, let the person know you do not feel that sharing such information is necessary. Guarding your estate plan can help you protect your assets and the people who you care about.