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.
Inform Any Potential Guardian of Your Minor Children
In addition to informing your designated executor, you should also inform anyone that you nominate to serve as a potential guardian for your minor children. One of the most important parts of a person’s will can include a clause nominating a potential guardian for any minor children in the event that both of the parents pass away. The guardian would care for and watch over any of your minor children. Obviously, caring for another child can be a great burden for a person to take on no matter the circumstances. For that very reason, it is important that you communicate to anyone that you have listed to serve as a potential guardian.
Communicate with your Beneficiaries
You should also communicate to any of your listed beneficiaries. Some individuals may receive more or less of a person’s estate assets for various reasons. You may feel that one of your children is not capable of handling a significant portion of your estate. Letting those people know makes them aware and prevents any shock when the time to implement the will comes. It is also important to note that this may be done in the will itself. Depending on the situation, you may specify why a person is receiving a gift in the document itself.
If you have any questions about your will or estate planning, feel free to contact the Nashville wills lawyers at The Higgins Firm. Our team of Tennessee estate planning attorneys would be happy to answer any questions or give any advice as to what may be best for your particular situation.