Arguably the worst estate planning mistake is a person’s lack of communication with his or her family and fiduciaries. Probate litigation could be reduced fifty percent if a person truly educated his family and fiduciaries about his estate plan during the process or long before he or she becomes incapacitated or dies.
You do not need to explain who will receive assets and in what amounts, but you should at least discuss
• the existence and importance of documents,
• the right of all family members to copies of documents at your incapacity or death,
• whether family members should have copies of documents now while you are alive, and if not how to get copies of documents at your incapacity or death,
• how assets are owned, controlled, and transferred, with particular emphasis on how powers of attorney and trusts work in controlling and transferring assets,
• what the documents say in regard to how finances should be managed during incapacity,
• what the documents say in regard to how assets should be managed at death,
• what a fiduciary’s general duties are,
• what a beneficiary’s general rights are,
• health care issues,
• caretaker issues, and
• final funeral details
The most effective way to communicate all this is to bring your family together and discuss these issues with your estate planning attorneys or educate them using our education resources.
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