Some people are comfortable sharing their entire estate plan with their children. Others would rather keep this private, as they have concerns about these discussions causing more harm than good.
When your children are young, you probably won’t think twice about this. They don’t know anything about estate planning and you don’t want to scare them.
However, as you and your children age, you may have questions about whether it’s a good idea to discuss your estate plan with them. Here are a few things to keep in mind if you’re going to do so:
- Don’t leave anyone out: For instance, if you’re going to share details of your estate plan with one child, you should include all others in the conversation. If you don’t, it can result in bad feelings, and that’s not something you want.
- Know what you want to talk about and what you’ll keep private: Unless you plan on sharing everything, it’s important to take this approach. Maybe you’re okay with sharing the details of your healthcare proxy, but unsure if you should tell your children what will happen to your assets upon your death.
- Avoid confrontation: This isn’t a discussion that’s meant to cause confrontation between you and your children. It’s meant to bring you closer together. So, if you get the feeling that things are headed down the wrong path, it’s best to take a step back and reconsider your approach.
Estate planning is important to both you and your loved ones, such as your children. For this reason, you may consider telling them about your estate plan when it’s appropriate to do so.
If you have questions about your estate plan or concerns about what you should share with others, contact us for professional guidance. We’ve seen it all and we’re more than happy to share our experiences with you.