The estate plan is one of the most important legal moves you will make in your lifetime. It protects all of your assets, money, property and your family in the time of your death. It outlines how your heirs are to receive your money upon your death and much more. If you have an estate plan in place, be sure to discuss it with your adult children before it’s too late.
Not everyone will want to tell their adult children the amount of money they will inherit upon their death. But, this is an important discussion for many reasons. The first of those is if a child will be inheriting a family business. They should know this ahead of time, especially if they do not plan on keeping the business in the family or need to learn the ins and outs of the business.
If your beneficiaries will be treated differently in your will, it is important to have a discussion as soon as the will is complete. Let them know what they are receiving and why you came to this decision. It will help prevent a lot of disappointment and fighting upon your death.
When you decide to discuss the estate plan with your adult children, make sure you schedule the discussion and leave plenty of time. Answer all of their questions and make sure you provide them with the contact information of the estate planning attorney you used.
Having a family discussion about your estate plan and your wishes is healthy. Letting all of your adult children and your spouse know about your wishes will make it a little bit easier for them to handle things when the inevitable happens.