It is not until after your death that your children find out about your estate plans and what it consists of. Talking about estate plans and a living will is a tough thing because a lot of families are afraid it will start a family feud, but it is important to sit down with your family and explain to them what your plans are, who will be receiving what, how much they will be receiving, and what your other wishes are. Sitting down with your kids now will help avoid the trouble that may come later on.
1. Start by choosing a date and time that is convenient for everyone.
2. You will want to ask your estate planner and financial advisor to join you in the meeting with your children, this way they can help answer any questions that may pop up and help your children better understand why some of the decisions were made.
3. Make a list of topics that you would like to discuss withy our children while the estate planner is present.
4. Keep in mind that you do not have to tell your children the exact amounts that they will be receiving, you can simply explain to them that you have them on your living will and that they will be receiving a certain amount of your life insurance or retirement account, etc.
5. This meeting is simply to go over your estate plans and living will and what you have planned, this way they know what to expect and understand what needs to happen if you become disabled or die.
6. If this is your second marriage and there are children from your previous marriage and current marriage, take into consideration the challenges that may arise with explain who inherits what.
7. You will want to explain to your children if you have set up any trusts and why you did so.
8. If you want to give to charity, explain to your children to what charity you want to give to and why it is important to you.
9. Be sure to discuss with your children the size of the inheritance in the living will. It is important that you explain to them just how small the inheritance will be or how large the inheritance will be. This is to help the children understand a little better just what kind of money they will be inheriting and how they need to plan financially themselves. This would be another chance to tell them about any trusts that you may have set up.
10. For example, tell your children they will be inheriting a certain amount of money, but because it is so large and you believe that they may not be financially ready or responsible for such an inheritance that there is certain criteria that needs to be met in order to receive the money. For instance, once they reach a certain age or once they graduate college or receive a degree from a higher education, etc.
Need Help?
If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.
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