Create a Road Map for Your Estate Plan

Map route

No matter how much effort you've invested in designing your estate plan, your will, trusts and other official documents aren't enough. You should also create a "road map" — an informal letter or other document that guides your family in understanding and executing your plan and ensuring that your wishes are carried out. Your road map should include, among other things:

The road map can also be a good place to explain to your loved ones the reasoning behind certain estate planning decisions. Perhaps you're distributing your assets unequally, distributing specific assets to specific heirs or placing certain restrictions on an heir's entitlement to trust distributions. There are many good reasons for these strategies, but it's important for your family to understand your motives to avoid hurt feelings or disputes.

Finally, like other estate planning documents, your road map won't be effective unless your family knows where to find it, so it's a good idea to leave it with a trusted advisor.

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