Having an estate plan that reflects your wishes is great. But having an estate plan that will not be the subject of disputes is much better. When you take time to create an estate plan, one of the things you need to consider is discussing your wishes as outlined in the plan with your children. After all, they are the people you will be expecting to carry on with your legacy.
Discussing your estate plan with your children can help avert conflicts down the road when you are no longer around to explain yourself or your intentions. So how do you bring up this important topic with your children?
Here are a few tips that can help you have a fruitful discussion around your estate plan with your children.
Set clear objectives
Everything works well with proper planning, and a discussion around your estate plan is no different. It is important that you start off by identifying your objectives and talking points. Your children will definitely have questions. It works best when you anticipate what these questions will be so you can prepare satisfactory answers well in advance. During the meeting, be sure to bring your estate planning documents along. This will give your children a clear understanding of your wishes and eliminate any room for misinterpretation.
The timing is important
The timing can make or break this conversation. It is important that you pick a positive and comfortable environment for this discussion. The last thing you want is to wait until a crisis hits to discuss your estate plan. For instance, discussing your estate plan while you are slipping into and out of consciousness may never be a good idea as your children may not be emotionally prepared for such conversation.
An estate plan speaks on your behalf when you are incapacitated or no longer around to make important decisions. Having a healthy conversation about your estate plan with your children can benefit your legacy and give everyone peace of mind.