One of the most forgotten aspects of estate planning is communication. It is crucial that you should communicate to your family and loved ones when developing your estate plan. However, you may be wondering, “What exactly am I supposed to tell someone about my estate plan?” The following provides a few things that you should communicate to those you have included in your estate plan. If you have any estate planning questions, be sure to contact the Tennessee estate planning attorneys at The Higgins Firm.
Inform the Designated Executor
One of the most basic pieces of any estate plan is a last will and testament, otherwise known as a will. And within almost any will, an executor will be designated to handle the affairs of your estate upon your passing. This designation is never made very lightly. Being appointed executor comes with a great deal of responsibility. An executor handles much of the financial affairs of a person’s estate. The executor pays off any debts of the estate and then distributes any of the remaining assets to any beneficiaries. Because of the responsibilities that come along with being an executor, it is very important that you should let the designated executor know that you have nominated that person to serve in such a role. Doing so gives the person a heads up about the potential of serving as an executor.