Talking about your estate plan is never easy, especially when doing so with people you love. Although it may not be an enjoyable conversation, you need to talk to your adult children about estate planning every now and again.
Here are some steps you can take to ease the tension and ensure that the right details are discussed:
- Decide on what you want to say: You don't need to share every last detail with your adult children. Instead, decide what they need to know and what you can keep to yourself. For example, you don't have to share how much money you have in the bank or how you're investing for the future. Conversely, you should share information on where you keep your legal documents and how to access them.
- Be honest: There's no point in lying about your estate plan, as this only makes things worse on your children in the future. Be open and honest about your current plan, as well as your hopes for what will happen after your passing.
- Touch on difficult subjects: For example, you may struggle with the idea of talking to your children about how you'll divide your property, but it's critical to ensure that everything goes as planned.
By talking to your adult children about your estate plan, you're able to minimize the likelihood of a serious family dispute upon your death.
If you're ready to have this conversation, review the finer details of your estate plan and prepare yourself to answer a variety of questions that your children may throw at you.