You are getting older now, and one of the things you are concerned about is who will inherit your estate when you die. You want to be sure that your hard-earned assets will pass on to the people and causes that you care about when you die. Most importantly, you want to be certain that the people you’ve assigned important roles in your estate plan like the executor, guardians and powers of attorney are up to their tasks.
But an estate can also be the cause of a costly family dispute. And this leads to the question: do you have to discuss your estate plan with your family?
The rationale for talking about your estate plan to your family
Whereas it may be helpful to involve your family in the estate planning process, it is important to understand that the final decisions are with you. Remember, you are taking care of your estate, and this means that they cannot decide anything. Only you can.
Discussing your estate plan with your family can help clarify your decisions and avoid potential conflicts down the road. Some of the subjects you may discuss with your family during your estate planning process include how and why you have distributed your assets in a particular manner as well as the people you have assigned roles in your estate plan. These may include your will executor as well as the powers of attorney.
Safeguarding your interests
Discussing your estate plan with your family ensures transparency. And should there be concerns, you may be able to adjust your estate plan as long as you believe those concerns are raised in good faith. Learning more about Texas estate planning laws can help you safeguard your interests while creating your estate plan.