Beyond the Will: Key People to Notify in Your Estate Plan

Beyond the Will: Key People to Notify in Your Estate Plan

When it comes to your Estate Plan, your Will is just one piece of the puzzle. While it’s crucial to have a legally sound Will, it’s equally important to communicate with the key people who will play vital roles in carrying out your wishes. In this post, we’ll explore why notifying these individuals is essential and who should be on your notification list.

Why Notify?

1. Avoid Surprises: The last thing you want is for someone to be caught off guard by the responsibilities you’ve assigned them after you’re gone.
2. Ensure Willingness: By discussing roles beforehand, you can confirm that your chosen appointees are willing and able to take on the responsibilities.
3. Provide Context: Conversations allow you to explain your decisions and provide context that may not be appropriate to include in the Will itself.
4. Allow for Preparation: Giving advance notice allows appointees to prepare mentally and practically for their future roles.

Key People to Notify

1. Executor(s)

• Role: Manages your estate, pays debts, and distributes assets according to your Will. Be sure to designate – name, address and connection points.
• Why Notify: Being an executor is a significant responsibility. They should be aware of and prepared for this role well in advance.

2. Guardians for Minor Children

• Role: Takes care of your children if both parents pass away before the children reach adulthood.
• Why Notify: This is perhaps the most crucial conversation to have. Guardians need to be willing and prepared to take on this life-changing responsibility.

3. Trustees

• Role: Manages any trusts you’ve established, whether in your Will or separately.
• Why Notify: Trustee duties can be complex and long-term. They should understand the nature and duration of their commitment. Again provide names, addresses and connection points.

4. Power of Attorney Holders

• Role: Makes financial or healthcare decisions on your behalf if you become incapacitated.
• Why Notify: These individuals need to understand your wishes and values to make decisions aligned with your preferences. These people need to know what you want so be specific.

5. Beneficiaries

• Role: Receives assets or property from your estate. 
• Why Notify: While not always necessary, informing key beneficiaries (especially of significant assets) can help manage expectations and reduce potential conflicts. Again you will need to provide who, names, addresses and connection points.

6. Care Providers for Pets

• Role: Takes care of your pets after you’re gone.
• Why Notify: Ensuring your pets’ future caretakers are willing and prepared is crucial for your pets’ well-being.

7. Digital Executors

• Role: Manages your digital assets and online presence after your passing. They will need to know your passwords. Remember he or she cannot open your password vault without access to your computer.
• Why Notify: This increasingly important role requires specific skills and understanding of your digital footprint. In particular, they will need your passcodes.

How to Notify

1. Have a Conversation: Whenever possible, discuss roles in person. This allows for questions and clarifications.
2. Provide Written Information: Follow up with a written summary of responsibilities and any specific instructions.
3. Be Open to Feedback: Be prepared for someone to decline a role and have alternatives in mind.
4. Keep it Updated: As with your Will, review your choices periodically and update appointees if circumstances change.

Remember, while these roles may not all be explicitly defined in your Will, they are crucial to ensuring your Estate Plan unfolds as you intend. By notifying and preparing these key individuals, you’re setting the stage for a smoother transition and providing peace of mind for yourself and your loved ones.

Read our latest blog post on Final Wishes: Expressing Your Last Requests Beyond Your Will