Creating an estate plan is an important step, but your work does not end once the documents are signed. To help ensure your wishes are carried out properly, it is important to communicate with the individuals you have selected to act on your behalf.
Notify the People Named in Your Estate Plan
Your estate plan may designate individuals to serve in important roles, such as:
- Power of Attorney
- Healthcare Agent
- Executor
- Trustee
These individuals should be informed that they have been named and understand the responsibilities associated with their role.
They should also have a general understanding of your wishes so they can make informed decisions if the need arises. Making sure these decision-makers are aware of their responsibilities can help avoid confusion and allow them to act effectively when necessary.
Make Sure They Know Where Documents Are Located
In addition to understanding their role, your designated decision-makers should know where your estate planning documents are stored and who they should contact if something happens.
Depending on the document, a signature from the person you have appointed may also be required. Having these conversations ahead of time can make the process much smoother when action is needed.
Talk to Family Members and Loved Ones
You are not required to share every detail of your estate plan with family members or loved ones. However, letting them know that an estate plan exists and identifying who has been given decision-making authority can help prevent confusion and disagreements later.
A simple conversation can provide clarity and help everyone understand who will be responsible for carrying out your wishes.
Keep Track of Who Has Been Informed
It is a good idea to maintain a record of everyone who has received information about your estate plan. This may include:
- Family members
- Banks
- Physicians
- Other relevant parties
Because estate planning documents can be updated or revoked, keeping a list makes it easier to notify the appropriate people if changes are made in the future.
Questions About Your Estate Plan?
If you have questions about who should be informed about your estate plan or any other estate planning matter, contact Bononi & Company at 724-832-2499.