As you do your estate planning, you have to work your way into some personal topics. Things like how much money you’ve earned, how much you’ve saved and how much debt you have become crucial. These are things you may not feel comfortable discussing with anyone.
However, it is very important that you be honest with the lawyer who helps you draft your estate plan. Remember that your lawyer cannot help you properly without all of the necessary information. Holding anything back can just leave you with an inadequate estate plan that does not really accomplish what your family needs it to accomplish.
For instance, perhaps you want your assets to get divided fairly between your heirs. At the same time, you don’t really like telling people how much money you have, so you hold some things back.
Now you have an estate plan that really only divides half of your assets. But the other half still exists, and those assets come to light after you pass away. Your children have no idea how to divide them. They don’t know what you wanted or what you expected. They don’t know why you hid them. You may have missed out on some key ways to lower the tax impact on your estate.
In the end, more money goes to the government and your children spend more of it sorting everything out in court after the fact. You’re actually losing assets by not being honest with your legal team.
Keep that in mind as you look into all of the steps you need to take to draft the best possible estate plan for your family.