The real risks for most ordinary estate plans come from a lack of knowledge, which can cause your loved ones unnecessary stress in dealing with your affairs, or worse, can allow you or your loved ones to be taken advantage of by unscrupulous people.

You can protect against such risks with knowledge. If you have an estate plan, tell your loved ones that you do. If you do not have an estate plan, then once you establish your plan, be sure to inform your loved ones. Make sure your loved ones know that they have rights after you are gone. Tell the person (or people) you name to handle the administration that it’s a job, and there are real consequences if they fail to do that job properly, which is why they will need to be prepared to bring in expert tax, accounting, and legal help when the time comes.

In the next several days, I will post about how a lack of knowledge can lead to bad outcomes, and some ways to avoid those pitfalls.

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