Tips for Talking to Your Adult Children About Your Estate Plan
In some situations, it might be difficult to know whether you should share the contents of your estate plan with your adult children. There is no standard answer to this common question, as it largely depends on the relationships you have with your children and how your kids interact with each other. However, there are some considerations to keep in mind as you make this decision.
What you should probably tell your children
At the very least, your close family members should know where you keep your estate planning documents, who they may contact with questions after your death (such as a lawyer or financial advisor) and the steps they should take if you pass away unexpectedly.
Anything beyond this information can be revealed at your discretion. If you do choose to tell your children about the contents of your estate plan, especially regarding the assets you are leaving behind in your last will and testament, the best approach is to gather your family (if possible) and have an open conversation about it. This will enable you to explain your reasoning for your decisions and address any concerns immediately. It also gives your loved ones a chance to air any potential grievances and resolve issues without having to be blindsided by them after your death.
What you should not tell your children
Depending on how long you live, you could deplete your savings before you pass away, especially if you require long-term care. To that end, it could make sense to withhold certain information about your finances so you can keep expectations about inheritances in check.
For more tips and guidance on planning your estate and how to keep your loved ones involved and informed, consult a dedicated Florida estate planning attorney with The Charles Law Offices.