When your children become adults, you may want to discuss serious matters, including estate planning. But is it okay for them to know what’s in your estate plan documents? Well, this may depend on different factors.
This guide provides in-depth information on discussing your estate planning wishes with your children.
Do they have crucial roles?
If your children are the co-executors of your will, you should talk to them about your wishes since they will be the party that ensures what you want is fulfilled. In addition to understanding your wishes, they should know where the documents are, your properties, including digital ones, and any other information an executor should know.
Are they going to receive a lot of money?
Inheriting wealth is beneficial, but it can come with other effects, such as guilt that can cause someone to make the wrong moves. Therefore, if your estate is significant, you should communicate with your children about your wishes, such as how you wish the family’s legacy to continue.
You may also help them access specialists to get the needed knowledge, such as managing wealth, understanding and minimizing tax liabilities and so on.
Is your estate distributed unequally?
Of course, you can distribute your estate according to your criteria. However, if one of the beneficiaries is receiving more, perhaps an heir with special needs, it may help if your children know of this to eliminate chances of will contests while protecting the party in question.
You don’t need to tell your children everything in your estate plan, but communicating your wishes, especially in the above-discussed situations, is vital. You should obtain more information about estate planning to make the right moves.