As a successful business owner with young children, homes in several states and a net worth in the millions, you need to periodically review your estate planning documents. Most likely you have taken your attorney’s advice and adopted a Pour-over Will and Revocable Trust. You have made important decisions regarding the disposition of assets upon your death.

The next step is to convey those decisions to the prominent players in your planning environment: family, executors, trustees, guardians and partners. The goal of this process is to inform individuals of your wishes and the roles they will play upon your death as well as provisions made for family and friends. For business partners develop separate business agreements.

Be sure family and trusted friends know you value them and that you have clearly outlined your intentions.

Discuss your plans with family and friends so they are aware of your plans. This will avoid surprises and they will respect your wishes. Be sure your document provisions are clear, straightforward and unambiguous. Deliver copies of the documents to the key players and review with them to be sure there are no uncertainties. If ambiguities exist, revisit with an attorney to make the intent clear.

 Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.