It is vital that your family know about your estate plan now. If they find out later on, they could either be unprepared to execute their responsibilities, or they may be more likely to challenge it legally. Here is who you should tell about your estate plan.
First, you should explain the choices that you have made to your heirs. Those who are inheriting property should have an idea as to what they are getting. The same goes for people who need to be informed of difficult decisions that they may not like. People will have a chance to process your decisions now and come to terms with them. They would be less likely to challenge these decisions in litigation after you die.
Second, the executor needs to know more about your estate. You are expecting them to perform important duties. They need to be prepared to discharge their duties. Certainly, they should know that they are being tapped as the executor. Then, they should also have an idea about your choices, so they know how to carry out your wishes when the time comes.
Third, you should tell anyone who is being selected to have power of attorney to make decisions on your behalf, including those who will have financial and medical decision-making authority. You need to make sure the person is comfortable acting in this capacity and knows what to do when the time comes. You would not want someone who does not want the responsibility.
Working on an estate is something that you must tackle now because it really can be too late in the future. Call the E.J. Boswell Law Office today at 706.454.0032 or message us online to begin working on this vital plan.