Conversations about money and inheritance can be uncomfortable. It’s possible your own parents didn’t have such discussions with you, as they may have considered such matters to be private. More people are now realizing how valuable such conversations can be.
As you get older, it becomes increasingly important to talk openly with your adult children about your estate plan. Doing so can prevent misunderstandings and ensure your wishes are carried out as you intended.
Why the conversation matters
Too many movies and TV shows have led people to believe that a will should be kept secret until after the writer’s death. Reality is quite different. While many families avoid estate planning discussions because it seems morbid, the truth is that doing so now can be beneficial.
When your children don’t know your intentions, they may make assumptions about what you “would have wanted.” By discussing your estate plan, you have the opportunity to explain the “why” behind your decisions, such as the way you’re dividing assets, who you name as an executor and your end-of-life choices.
This isn’t a conversation to have during a busy holiday dinner. Instead, pick a time when everyone has time to talk. Let your children know ahead of time that you would like to discuss your estate plan so they can be prepared and have the right mindset.
You don’t need to reveal exact dollar amounts, but some key details to share include:
- The location of your estate plan
- Who you named as executor and the power of attorney
- Your wishes for healthcare decisions and end-of-life care
- Your after-death wishes, such as burial or cremation, a church funeral or a celebration of life
Encourage your children to ask questions and listen patiently to their concerns. They may have emotional reactions or misunderstand certain parts of your plan. Remind them that your goal is to provide clarity and prevent confusion in the future.
Discussing your estate plan with your adult children may not be easy, but it’s a meaningful act of love. Transparency now can prevent family disputes later.