Creating an estate plan, including a will, is an important step in every person’s life. Your estate plan ensures that your wishes will be carried out the way you intend after you pass. It also allows you to continue providing for surviving family members and other people who are important to you when you’re gone. However, a well-prepared estate plan might only be effective if the right people are informed about its contents and location.
If you fail to inform individuals about your estate plan, it can lead to delays, financial difficulties, and family disputes. Although conversations about wills can sometimes be uncomfortable (especially when they are had with family members), they are essential for smooth estate administration.
At Verhaeghe Law, our Edmonton wills and estates lawyers can not only help you put together a comprehensive estate plan, but we can also make sure key figures are informed about your intentions. To discuss your estate plan, schedule a consultation with our legal team today.
Who Should You Talk to About Your Estate Plan?
Your estate plan will contain important information about your assets, wealth, and wishes. For this reason, it’s crucial that trusted individuals are informed about your plan and know where to locate it when you pass.
To ensure proper administration of your estate takes place, you should consider telling:
- Close and trusted family members
- Your executor(s)
- Accountants and wealth advisors
- Lawyers and tax advisors
- Trustees
- Beneficiaries
- And any other person who may be involved in your estate
Each one of these individuals will be connected to your estate or its administration after you’re gone. If every key person is fully informed of the contents of your will and your expectations, you can ensure there will be no misunderstandings or delays. When you are informing people about your estate, you may want to provide information such as:
- A copy of your will and the location of the original document you signed
- A list of all your financial accounts, such as:
- Bank accounts
- Investment accounts
- Debts
- Digital assets
- Details about life insurance policies, pensions, or other relevant benefits
- A summary of all major assets you own
- Secure storage information for passwords and essential legal documents
- And more
Why is it Important to Inform Others About Your Estate?
There are many different benefits to communicating with others about your estate plan. First and foremost, people connected to your estate must know where to find your will and how to access it to avoid your assets being subject to Alberta’s intestacy laws.
In addition, informing others about your estate can help:
- Avoid Disputes and Confusion: When your family, beneficiaries, or other individuals are surprised by the contents of your will, it can lead to conflict. If you clearly communicate your wishes before you pass, you can avoid the chance of fighting or legal battles.
- Prepare Those Who Will Settle Your Estate: Whether you have named a family member, lawyer, or trust company, the person who will be responsible for administrating your estate should be informed of their responsibility. This way, they can prepare for their role ahead of time.
- Communicate Your Final Wishes for Medical and Personal Care: In addition to how your assets and property will be distributed upon your passing, your will can outline specific expectations you have for the treatment of yourself. If you have specific wishes regarding your medical or personal care when you become incapacitated, it’s best to make sure your family understands them in advance.
Planning Your Estate in Alberta? Contact Our Edmonton Wills & Estates Lawyers Today
Your estate plan is more than just a collection of documents–it’s a roadmap for your loved ones and trusted individuals to follow after your passing. The more clear and direct you are about your intentions, the easier it will be for your family to settle your estate after your passing. By informing the right people, you can help reduce stress and disputes.
If you would like to discuss your estate plan or the individuals you should inform about it, schedule a consultation with our Edmonton wills and estates lawyers today. At Verhaeghe Law, can help you draft a comprehensive estate plan and facilitate proactive discussions that provide clarity.