Different people often have different ideas about whether they should share the details of their wills with their beneficiaries in advance. There's not necessarily one right way to proceed with this decision, as there can be advantages and disadvantages of sitting your beneficiaries down and going through the contents of your will compared to keeping these details private and just having the beneficiaries learn them at a later date. Here are some factors to consider.
Pro: It's Nice To Share Good News
Many people decide to tell their beneficiaries the contents of their wills simply because it feels good to share good news. For example, telling someone that you're leaving him or her a significant amount of money or a valuable asset leaves you with a good feeling and you'll also enjoy seeing the person's happiness over hearing this news. There can be lots of fun ways to share this news, whether you prefer making a formal announcement at a family gathering or just talking one on one.
Con: Some People May Be Disappointed
It's possible that some of your beneficiaries will be expecting to get a significant amount of money from you, but you may not have written your will up in this manner. For example, your only child may think that he or she is getting all of your money, but perhaps you've decided to give a large percentage of it to charity and only a certain amount to your child. Sharing this news in advance can make the person feel disappointed.
Pro: Your Relationship May Improve
When you tell someone that you're leaving him or her a significant amount of money in your will, you may notice a change in your relationship for the better. While detractors might scoff at the idea of sharing good news to "buy" goodwill, the reality is that you're a human who enjoys people treating you well. If you have a semi-rocky relationship with one beneficiary and feel that revealing the details of the will may improve things, this is a good choice to make.
Con: People May Pull Away
On the other side of the equation is the scenario in which someone isn't happy about what he or she is getting in your will. This person may pull away from you, and you may notice that the relationship isn't what it once was. This can be a difficult scenario for you to endure, especially as you get older and know that you may be running out of time to make things right with the person.
For professional help with your will, get in touch with an office like Wright Law Offices, PLLC.Share