You’ve created a valid will. That means you have taken an important step toward safeguarding your legacy and loved ones’ futures.
At the very basic, a will speaks for you when you are no longer around to make important declarations. Without one, New York intestacy laws would swing into action upon your demise and determine who would inherit your estate and who would not. And this might not sit well with you. But should you discuss your will with your loved ones?
The decision to discuss your will with potential beneficiaries is entirely yours to make. No law requires you to do so. That said, here are two reasons why you might want to discuss your will with your dependents:
It makes the probate process smooth and transparent
One of the most challenging tasks of administering an estate is usually locating the crucial documents. Unfortunately, the estate’s executor cannot begin the probate process before locating your will, beneficiaries and assets. This means that you need to let your beneficiaries know who your estate’s executor or executrix is.
Letting your beneficiaries know who will execute the estate as well as what they will get can help take the guesswork out of the picture and ensure a smooth and transparent process.
An opportunity to explain your decisions
It is not uncommon for an interested party to contest your will on grounds of dissatisfaction with what they are receiving. Having a discussion over your decision with your loved ones can help resolve conflicts that may arise and derail the probate process.
Most people feel uncomfortable talking about mortality and how they will distribute their estate. However, you can realize a number of benefits by discussing your will with your loved ones.