Last week I told you that DIY estate plans are not such a great idea. Since they don’t take your family dynamics into consideration, they may or may not address all of your needs. This week, we’re going to talk about family dynamics… and how sometimes, it is the very cause of you making a foolish estate planning mistake. Now I know none of you have untrustworthy family members, and you have very very close-knit family relationships, you have a family reunion three or four times a year, your family has a group chat on Facebook and Marco Polo. You have a group text thread with your nearest and dearest, and if anything happens to you, they’ll make sure you’re taken care of, they know exactly what your wishes are, and they’ll make sure it is followed to the tee. Right? At least that’s what we hope. If you are one who believes that your family dynamics are such that you do not need a written estate plan, you are mistaken!
Unfortunately, in real life, things get lost in translation. You may think it is sufficient to have conversations with your family members, but that’s not the case. You may believe that you can simply rely on those you are close to, because they’ll make the best decisions for you, but that’s not necessarily the case. The best way to ensure your wishes are protected is to write them down, and put the world on notice. So, if you didn’t know that a verbal estate plan or relying on your close-knit family relationships are simply not enough to protect you. Now you know!