It likely never feels like a good time to discuss your estate plan with your family. Regardless, it’s important to find the time to have these conversations. Consider the holidays as a time when everyone is together to begin the discussion. While it’s not necessarily a festive conversation, discussing plans with your adult children can significantly reduce future family stress and arguments. The benefit of speaking to them now is to allow them time to prepare for their future roles and responsibilities.
Should your family have to go through the probate process or administration of a trust, it can be overwhelming and stressful if your family hasn’t previously discussed your wishes and plan. Statistically, around 70% of wealth transfers between generations fail. This is often because the next generation is unprepared. Being proactive and giving your family insight into your intentions will help them navigate the process with unity.
If your beneficiaries are suprised by the terms of your will or trust, it can lead to disputes. This is especially important when it comes to distributing personal property like jewelry, artwork and heirlooms.
How do you even approach the conversation? Well, it’s normal to feel hesitant. Consider a family meeting with all of your adult children to explain your plans and answer their questions. However, if your plan treats one children differently, it may be important to have a seperate conversation with them to explain your decisions in detail.
While it may not be an option for every family, consider having your estate planning attorney present during the conversation. They can help explain legal concepts, answer questions and ensure everyone has a clear understanding.
We understand that these conversations are deeply personal, and we’re here to guide you through the process. If you have any questions or would like help, please give us a call.
