New Jersey residents like you put time and effort into your estate while alive. You craft your estate plan with care so that it can get passed along according to your wishes.
But you also want to let your beneficiaries know exactly what to expect down the pike. While this conversation will not be an easy one, it is of crucial importance to the success and smoothness of your transfer after your death.
Avoid the unexpected
Market Watch states that there are numerous reasons to discuss your will or estate plan with your family. First, it allows you to avoid surprises. Family members and other loved ones will be in a state of grief and mourning after your death. Even good surprises can shock the system. You can also take this time to address anything that might surprise anyone, like your choice in executor or succession plans for businesses. Letting people know your intentions can also quell potential rivalries between family members.
Avoid inter-family disputes
Related, you can promote family harmony this way. Being upfront allows you to clear up potential misunderstandings. Experts also suggest breaking up your discussion about your estate plan and will into several serious talks instead of tackling everything at once. Reducing hostility from adult children also helps. You can do this by tailoring your approach, talking to them separately if need be and asking for their opinions after you explain your side.
Finally, it lets you adjust expectations. You can be upfront about who will get what. You can let your beneficiaries know if they will get everything in lifetime gifts or if there will be more assets coming later down the line. You can also explain why you set up asset division in the way that you did. Having everything on the table allows for more open and successful communication.