Once you’ve completed your estate plan, it’s not enough to simply store your documents in a safe place and move on. To ensure your wishes are carried out smoothly, the first step is to notify the key people you’ve designated as decision-makers. These may include your power of attorney, healthcare agent, executor, or trustee.
These individuals need to know:
- That they have been named in your estate plan.
- What their specific role entails.
- A general understanding of your wishes, so they can act appropriately when needed.
Providing this information allows them to step in effectively when the time comes. Additionally, they should know where your estate planning documents are stored and who to contact if something happens. In some cases, certain documents may even require their signature.
Consider Updating Family or Loved Ones
While it’s not necessary to share every detail of your estate plan with everyone, informing close family or loved ones can prevent misunderstandings or disputes in the future. A simple conversation letting them know that an estate plan exists and who has decision-making responsibilities can go a long way toward maintaining harmony.
Keep a Record
It’s also essential to keep a list of everyone you’ve shared your estate plan with—whether it’s family members, banks, physicians, or other relevant parties. Because estate planning documents are revocable and can be updated at any time, maintaining this list ensures that you can notify the appropriate people whenever changes occur.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.