Why You Should Talk Openly About Your Estate Plan

Communication is the most important part of creating an estate plan. It is critical that your family members know what they are receiving and why they are receiving it. If a family member is going to be taken out of a will or trust, they should know why that is the case as well. While not everyone may like how you have chosen to distribute your assets, they will likely accept it if you are honest about your intentions.

Reduce the Chances of a Will Contest

If a child is completely written out of a will or trust could, he or she could claim that you made the decision while mentally incapacitated. It may also be possible to claim that you wrote your son or daughter out of a will because of the undue influence of other parties. By sitting down with family members and explaining the thinking behind the plan, it shows that it was created of sound mind and of your own free will.

Put People in the Right Roles

It may be tempting to appoint your best friend or oldest child to serve as your estate’s personal representative. However, this may not be the best idea. You should choose an individual who is best suited for the role and fully understands what it means to serve in such a capacity. The same is true of those who are given powers of attorney or other control over an estate. In some cases, it is best to have a lawyer or another professional act in such a capacity.

Don’t Leave Anything to Chance

Generally speaking, you want to create a legacy while alive that is preserved after death. Consulting with an estate planning attorney in Las Vegas can help you to create a plan that will help you to protect what you worked so hard to build while alive.