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A case for talking about one’s estate plan

| Oct 30, 2019 | Estate Planning |

There is value in planning for what is to happen to one’s estate. An estate plan gives guidance to loved ones and lets them know what one wants for them. According to a recently published article, there is also value in discussing these plans with beneficiaries. Why might New Jersey residents want to do this?

If passing on money or property, whether it is a lot or a little, talking to heirs may be wise so they understand why they are getting it and one’s hopes of how they will use it. Too many beneficiaries know too little about money management and end up blowing through their inheritances. This defeats the purpose of passing it on to them in the first place.

People work hard for what they have, so, understandably, they want to ensure their efforts are appreciated. It is understandable that they would want to ensure their loved ones are taken care of. It is also understandable that they would want to make sure what they are passing on is of genuine benefit to their loved ones.

It is believed that 50% of beneficiaries know only a few basic details of their loved one’s estate plans. According to a study, roughly 15% of designated heirs know the full details. This lack of knowledge may contribute to the number of families that end up fighting during the estate administration process. 

If New Jersey residents choose to keep the contents of their estate plans secret, that is up to them. However, sharing their wishes while they are still alive can be of benefit. Regardless if one chooses to talk about his or her estate plan, legal counsel can help one make sure it complete, in compliance with state laws and offers all the protections desired.