For most parents, talking about money with anyone but their spouse or their financial adviser is inherently uncomfortable. Although there’s no one-size-fits-all approach to when or how to approach the topic of inheritances, being transparent with your children can help avert conflict after you’re gone. Learn when it’s best to divulge the details of your plan—and when it’s best to keep quiet—then contact Beacon Legacy Law to schedule a Vision Meeting with our office. Schedule a Vision Meeting Table of Contents Talking to Your Children About Your Estate Plan Keeping a Conversation for Later… … And Cueing Your Kids In 5 Tips for Your Family Estate Discussion 1. Let Your Kids Know Ahead of Time 2. Lay Out the Details 3. Prepare to Answer Questions 4. Discuss Your Plans for Incapacity 5. Don’t Stop Being a Parent Do You Need to Speak to an Estate Planning Lawyer? Talking to Your Children About Your Estate Plan Finding the right time and place to talk to your children about their inheritance is never easy. While it’s generally best to be clear about inheritance expectations, there are times when it may be better to wait to discuss your estate plan. Keeping a Conversation for Later… It’s usually best to be forthright about inheritance expectations, but there’s a time and a place for everything. Depending on your family’s circumstances, it may be best to hold off on having a conversation about your estate plan if: You haven’t started your formal estate plan and need more time to think about who you will and won’t name as heirs. You’re considering disinheriting an estranged child but haven’t decided if writing them out of your will is the best move. You have good reason to believe that sharing the details of your estate plan could jeopardize volatile or high-value assets. Even if you know that “right now” isn’t the best time to discuss your estate plan, you probably shouldn’t delay indefinitely. Keeping the details of your estate plan a closely guarded secret may spare you discomfort while you’re still alive, but it could pose a greater risk to your estate after you’ve passed away. … And Cueing Your Kids In If you have children, keeping them in the dark about your estate plan could seem preferable to having a premature discussion about what gifts they can expect to receive after you’ve passed away. However, even if you’re worried that an heir might be unhappy about the terms of their inheritance, having a conversation now—while you’re still alive—could protect your estate by preempting conflict during probate or trust administration. By cueing your kids in, you have the chance to: Explain your decisions Provide clarity and answer questions Understand your children’s motivations Your children might not be happy about certain decisions, but talking to them, explaining your motivations, and making a good-faith effort to engage in a productive conversation go further than you expect in protecting your estate from last-minute contests and challenges. 5 Tips for Your Family Estate Discussion 1. Let Your Kids Know Ahead of Time If you’re not comfortable talking about your estate plan with your kids, they will most likely have their own reservations. Before scheduling a conversation, give your kids some advance warning—let them know what you want to talk about and give them enough time to think through their own questions and concerns. 2. Lay Out the Details You don’t need to give your kids every detail of your estate plan, but you should tell them exactly how you’ve provided for them. Discuss which items you’ve left for each child, how you and your spouse plan to dispose of your real properties, and whether you have any life insurance policies or bank accounts with beneficiary designations. 3. Prepare to Answer Questions Your children will probably have questions, even if they’re pleased with their place in your estate plan. Think about the conversation from their perspective and be prepared to answer the kinds of questions they’re likely to ask. 4. Discuss Your Plans for Incapacity Your estate plan should include provisions like a living will and health care proxy. If it does, offering an explanation will give your family the chance to prepare for the unexpected—and the unthinkable—before it occurs. 5. Don’t Stop Being a Parent Estate planning can provoke strong emotions, but your children may simply need a little guidance. Many young adults can appreciate the importance of having an estate plan. Telling them about yours, and explaining your decision-making process, could get them to think more about their own credit, finances, and future. Do You Need to Speak to an Estate Planning Lawyer in Palm City or Stuart? If you need help creating an estate plan to secure your future, contact us online by clicking the button below to schedule an appointment. For immediate assistance, call (772) 266-5108 now. Schedule a Vision Meeting We’re proud to serve residents of Stuart, Palm City, Jensen Beach, Jupiter, Jupiter Island, Tequesta, Hobe Sound, and Port St. Lucie.
