Is it Wise to Consult Your Legal Heirs While Making Your Will? What Buffett Says
Writing a will is crucial for anyone who wants to ensure that their assets are distributed according to their wishes after their death. But, is it wise to consult your legal heirs while making your will? Let’s see what money magnate Warren Buffett has to say about it.
Buffett’s Words of Wisdom
Warren Buffett, one of the most successful investors in the world, has always maintained that transparency is key when it comes to creating a will. He believes that it is important to openly discuss your plans with your heirs to avoid any confusion or disputes after your death.
In an interview with CNBC, Buffett said, “I think it’s wise to let your children know what they’re going to inherit. They may have some ideas about what to do with it. They may have some questions. They may have some suggestions.”
Buffett also stressed the importance of hiring a competent attorney to help you create the will. He cautioned against using online templates or trying to create a will without legal assistance, as they can lead to costly legal battles and contested wills.
He added, “If you’re talking about a substantial estate, like I have, my suggestion would be just go to the best lawyer in town — and I mean the best — and tell him or her what you want to accomplish.”
The Benefits of Consultation
Consulting your legal heirs when creating a will has many benefits. Firstly, it can remove any doubts or uncertainties regarding the distribution of assets. When all parties involved are aware of the contents of the will, there is less room for misunderstandings and disputes.
Secondly, it can ensure that the heirs are aware of their responsibilities. When the heirs are involved in the planning process, they will have a better understanding of the assets and how they are expected to manage them.
Thirdly, it can help to avoid any resentments between family members. Sometimes, when family members feel that they have been left out of the process, it can cause resentment and hostility. But by involving them in the process, they are more likely to feel included and valued.
The Risks of Consultation
However, there are also risks associated with consulting your legal heirs when creating a will. Firstly, it can lead to pressure from the heirs to change the contents of the will to suit their own needs. This can be particularly problematic if there are disagreements between family members over the assets.
Secondly, it can lead to confusion and misunderstandings. If the heirs do not have a clear understanding of the contents of the will, it can lead to disputes and legal battles after your death. This is why it is important to ensure that your will is clear and unambiguous.
Finally, it can lead to the unintentional disclosure of sensitive information. When discussing your will with your heirs, there is a risk that sensitive information about your financial affairs may be disclosed, which could be damaging to your reputation.
Overall, consulting your legal heirs when creating a will can be beneficial, but it is not without risks. It is important to weigh the pros and cons carefully before making a decision. If you decide to involve your heirs in the planning process, it is essential to ensure that the will is clear and unambiguous, and that all parties involved have a clear understanding of its contents. Remember, creating a will is an important way to ensure that your assets are distributed according to your wishes after your death, and consulting your legal heirs can help to ensure that your wishes are respected.