Usually when people are planning something big that affects important people in their lives, they let those people know about their plans. However, when it comes to their estate plans many keep silent and do not tell the important people that those plans affect. That is a mistake.
If you are planning to retire early or to sell off major assets, then you should let your spouse know about those plans. You should probably also tell your adult children as your decisions could have an effect on them.
Most people do not even think about the possibility of not telling their spouse or even their adult children. It is the expected and normal thing to do. You tell the people in your life about your plans that affect them.
Many people, however, do not want to tell those very same people about their estate plans. This is true even though the estate plans have just as big of an impact on those people. The impact of estate plans might even be bigger.
Not telling them about your estate plans is a big mistake as the Rocky Mountain Telegram points out in "Retirement and estate planning is a family affair."
The two biggest reasons to tell your family about your estate plan? First, if your estate plan does not come as a surprise after you pass away, then your family is less likely to fight over your estate. Second, family members who know about your plans can more easily make their own plans for their financial futures. These two reasons combined should be enough for everyone to consider letting loved ones know about their estate plans.
Reference: Rocky Mountain Telegraph (June 24, 2016) "Retirement and estate planning is a family affair."
Suggested Key Words: Estate Planning, Retirement Planning