It is often difficult for parents to determine whether to share details about an estate plan with their adult children. Unfortunately, there is no simple answer or easy solution to determining when to share this information with adult children. Fortunately, there is some advice to help parents decide when to disclose these details with adult children. This article will list some critical advice that parents should follow when discussing information about their estate plan with adult children.
Tip #1 – Be Certain to Make Personal Property Plans
It is very important that parents have a conversation with adult children about any personal property that multiple individual might want because personal property is one of the estate planning areas most likely to result in arguments between beneficiaries. To fully anticipate any arguments that might arise, parents should make sure to afford each adult child the opportunity to talk about their favorite items so that an agreement regarding how the personal property will be divided can be made.
Tip # 2 – Determine What Information To Share With Your Children
There are some important details that parents must make sure to discuss with their children during estate planning. One important piece of information is making sure to disclose to children where estate planning documents are kept and who can be contacted when the parent does die. Many additional details can be disclosed as a parent sees fit.
Tip # 3 – Decide What Not to Share With Your Children
It is very difficult to gauge how long an individual will live and what expenses must be spent on long-term care. Depending on how long a person lives, there is risk that they might significantly deplete their assets prior to asset administration. As a result, parents might wish to avoid discussing some details about their inheritance with their children.
Tip # 4 – Discuss Matters As Honestly As Possible
When an adult has an estate planning conversation with their children, it is important to discuss how property should be divided as honestly as possible. Being honest can be difficult, however, because parents often want to avoid creating uneasiness for their children. If a parent is able to navigate this discussion honestly, however, adult children can likely avoid any uncertainties that might arise later.
Tip # 5 – Properly Plan for the Meeting
Parents should follow some important steps when planning a meeting to discuss estate planning details with their children. Parents should first decide on a date that is convenient for parents and adult children to meet. The location that is selected should be appropriate to encouraging children to speak. Also, parents should create discussion points prior to meeting with their children.
Tip # 6 – Understand How to Help Children With Special Circumstances
In many families with adult children, there is one child who has special mental or physical issues that must be taken into consideration. In these situations, it is a wise idea to have a separate conversation with this child.