Planning your estate now is crucial in securing your legacy and ensuring your family’s future. However, this dynamic process does not end with signing documents. In fact, it is only the first step in a larger conversation.
To truly ensure that your wishes stand the test of time, even in the face of conflict, you need to share your estate planning decisions with those who matter most – your adult children.
The importance of transparency
Many people hesitate to discuss their estate plans with family members, viewing it as a personal matter or fearing uncomfortable conversations. However, keeping your intentions hidden can lead to confusion, hurt feelings and even legal disputes among your loved ones after you are gone. Involving your children in this important conversation allows you to provide clarity and foster a sense of family unity.
What to share with your children
When discussing your estate plan with your family, start by focusing on key elements that directly impact them and their future. For instance, if you have created a will or trust, share the general framework of how you have chosen to distribute your assets. This helps set realistic expectations and prevents unwelcome surprises when your estate plan finally takes effect.
An open and honest conversation about unexpected decisions is also crucial. Perhaps you have decided to leave a large portion to a child with special needs or financial struggles. Explaining the reasoning behind your decisions can help your other children understand and accept your choices.
A clearer path forward
Talking with your children about a future where you are no longer around can be daunting. That is why you need to approach this conversation with empathy and honesty. Be sure to explain the motivations in your estate plan and listen to their questions and concerns. This conversation is not just about informing them of your decisions but also about fostering mutual understanding and strengthening family bonds.
