Secret Soup

Autumn always has me craving a good soup. Not to brag, but I make really good soup—in fact I placed first in the annual Souper Saturday at my local library. I’m happy to share my awesome soup recipe with everyone (if you email me, I’ll share it with you!). Someone said I shouldn’t share my recipe because other people might make it and beat me next year. I disagree—people should know what’s in the soup! Then, if someone takes issue with an ingredient (hint, it’s always the kale), I can explain why the kale is important.

Estate plans can be kinda like a soup recipe—some people want to keep them secret, hidden from everyone. This isn’t illegal, and I’ve seen some worry that knowing will cause people stress, or haven’t spoken to a person they’re disinheriting in a long time and don’t want to reopen old wounds. 

However, some people should absolutely know what’s in your plan: the people you have nominated to positions. Your trustee, power of attorney, or the future guardian of your children should not be finding out for the first time that you have named them to a fiduciary position while they are grieving or helping you through a period of incapacity. “Surprising” them with such a huge responsibility can cause resentment, financial burdens, and negatively affect their performance. Get their ok before you nominate them. Then they can express concerns, research what is expected of them, and understand why the role is important. Don’t let your plan be a “secret recipe” to the people who will be carrying it out!