Understandably, we don’t want to discuss death frequently with our loved ones, but it makes sense to talk about our wishes after we pass. However, should we tell our loved ones everything that is in our will? Or do we keep it to ourselves? Here we look at the things we should and shouldn’t discuss regarding our wills.
Assets
Some people prefer to be very private about their assets, even not revealing them all to their children. If you are in a position where your assets are significant, you may not want to disclose their value, and indeed their value could change considerably over time.
It pays to use some judgement – you wouldn’t want to tell a college leaver that enjoys gambling/drinking etc., that they could inherit the property worth 500k or a business. However, you would hope that once they are older, wiser and settled, they will use their inheritance as intended.
Inheritance
It used to be the case that people learned about their inheritance once their parents had passed. While this is still a common belief, particularly among the older generation, discussing inheritance with your family makes sense. The benefits of open conversations around this are that it lowers the risk of confusion, disappointment and arguments. Letting people know where they potentially stand is a great idea, but that doesn’t mean you need to discuss figures.
Executor
You will need to appoint an executor for your will who will agree to carry out the relevant duties regarding your estate when you die. You do not have to divulge exact details to the executor, as these will be finalised and dealt with upon death, but you should make sure they know exactly what their role will entail.
Pros of Telling Family What’s in Your Will
- Eliminates confusion
- Lets people know where they stand
- Helps people to plan ahead
- Reduces the risk of arguments over assets
- Lets your family understand your wishes
Cons of Telling Family What’s in Your Will
- Could encourage children not to work as hard if they know they are due a significant inheritance.
- Could cause disputes between family and yourself
- May upset people who are not benefiting as they expected (unequal distribution)
- Would mean disclosing your assets
- Things could change before you die, which may cause friction
There are reasons for and against telling your loved ones what is in your will. Ultimately it is down to your judgement and situation. The size of your estate will also play a part.
For professional will writing and probate services, contact Probate a Will on 0203 9859554.
