When creating a will, a lot of important decisions have to be made. One of the things that you will need to think about is whether or not you want your family to be actively involved in the process as you create your last will and testament. There are both pros and cons to involving family members in the estate planning process and you will need to make informed decisions about whether or not you want your loved ones to be involved as you make plans for your legacy.
Mark S. Eghrari & Associates PLLC can provide you with help in determining what is involved in creating a will. Our legal team can assist you in following formal processes required for your will to become valid and can help you to ensure that your will is sufficiently comprehensive to provide you and your family with the protects that a will should offer.
We can also assist you in going beyond just creating a will to make a detailed estate plan that accomplishes all of your legacy planning goals.
Should Your Family be Involved as You Create a Will?
There are some benefits to involving your family when creating a will. Forbes discusses some of the upsides of involving your family in the process, or at least sharing with them the contents of your will before you pass away.
Some of the reasons why you may want to discuss your will with your family include:
- Avoiding surprises: You can discuss who your executor will be and address other important issues so your family is not surprised about your actions or left wondering about why you made the choices that you did.
- Taking your family’s preferences into account: While you should make your own decisions about what to include in your will, your family members may have strong feelings on certain issues. For example, you may be planning to leave your family home to one of your kids but your child may say he doesn’t want it once you have the discussion with him. By knowing this up front, you can make alternative plans.
- Taking advantage of tax reduction strategies. You can begin to give gifts to your heirs before you pass away if you want to reduce your estate to avoid estate tax.
- Helping family members develop reasonable expectations. Your children may be counting on a large inheritance, for example, and you may not want them to plan on this if you don’t intend to leave them a lot of money. If everyone knows what to expect, and why you made the choices you did, you reduce the chances of your will being contested or your family becoming upset with your choices when you are no longer there to explain them.
These are just a few of the key reasons why you may want to talk with your family as you create a will. You can make certain you make the best estate plan that takes care of the needs of your loved ones, and your family can better understand your reasoning for the legacy plan you created.
Downsides to Involving Your Family as You Create a Will
While there are a lot of benefits to involving your family as you create a will, there are some significant disadvantages that cannot be overlooked. First and foremost, you could find yourself facing pressure to do something you do not want or could be left coping with anger from your loved ones. No one should coerce you into leaving them money or property and this can happen when you tell your loved ones about the will you are creating. If you think there is a risk you will face pressure or be left to cope with family fighting, you may not want to speak up.
Getting Help from A Wills and Trusts Lawyer
Mark S. Eghrari & Associates PLLC can help you to make a legally enforceable will that addresses all of the relevant issues necessary when it comes to distributing your assets. We can also help you to go beyond the creation of a will to make a more comprehensive estate plan. Our estate planning checklist, which is a free download, can also provide you with a blueprint guide towards making sure your estate plan is complete.
To find out more about what should be involved in your estate planning process and to get advice on what is involved in creating a will, give us a call at (631) 265-0599 or contact us online to speak with a member of our legal team.
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021