In our previous post, we began discussing four estate planning issues to discuss with your children well in advance of your passing. We already mentioned that it is important to inform the individual selected as your executor that they have been selected for this task. This doesn't have to be a child, but often is. We also noted that all your children should know where your estate planning documents are located. This helps reduce confusion and feelings of betrayal, keeping everybody in the loop.
It may or may not come as a surprise to our readers, but one of the biggest obstacles to doing estate planning is getting people to start thinking about their passing. What can be even more difficult is getting them to talk about it with their family members. What is clear, though, from looking at successful estate plans, is that communication with one's family about such matters is very important.
The decision of who will be an estate executor is an important part of any estate plan. An estate executor is a time consuming position because the executor will administer an estate until it is legally closed, which can take years.