The chances are good that your children will be the main beneficiaries of your estate when you die, especially if you have since gotten divorced or your spouse has already died. Your children may already have a vague idea about how you want to split your assets and the overall value of your estate.
Keeping your children up-to-date about your estate planning wishes and your assets may seem unnecessary, but it can be a very smart move. Frequent communication with your children about your finances and transparency about your estate plans can serve two important purposes.
Your children are less likely to fight over the inheritance
Disappointed expectations are a common reason for family members to challenge estate plans. They might claim undue influence or fraud because your wishes are so different from what they expected.
When your family members know exactly what you want them to inherit, there won’t be any shock or disappointment when they read your will. It’s harder for someone to challenge an estate plan that everyone in the family recognizes as an accurate representation of your wishes.
Your children can prepare to manage those resources
There can be tax implications to a large inheritance, and managing various resources can require investment and advanced planning. When your children know that they will inherit real estate or stocks, they will already have professionals in mind or systems in place to manage those assets after you die.
Openly discussing your estate plan with your loved ones will make it easier for you to prepare them for handling their inheritance and to prevent conflicts among the people you love after your death.