The Wall Street Journal recently came out with an informative article entitled, “Five Reasons for Parents to Reveal Estate Plans.”
All of the reasons discussed in the article are important to consider as you work on your estate planning. In addition to possibly preparing your children for disappointments, there are also other practical reasons for sharing your estate plan, including receiving invaluable feedback from your children and also coordinating your plan to better accommodate their estate plans, financial situation and personal lifestyle.
Coordinating your estate plan with other people
When it comes to writing up wills and other estate documents, it could be beneficial for you and your loved ones to all be on the same page. This includes not only your children but also other family members and perhaps close friends and other trusted beneficiaries.
One relatively obvious example is if you have young kids and are considering who would be their guardians should you pass away. You need to know if the people you name as potential guardians have the means and ability to raise your kids. There might also be reciprocity, where you’re named as potential guardians for their kids. In this kind of situation, it could be a good idea to sit together and coordinate at least this aspect of your estate plans.
Other elements of coordination could include various trusts. You need to work with your children and other beneficiaries to determine what trust(s) would be most beneficial for all of you when it comes to tax purposes and any financial problems you currently have. This is especially true if you have a rather complex estate in which relatives might be inheriting property jointly.
Don’t hesitate to contact us to discuss these issues. Estate planning should ideally occur with the input of trusted people and in coordination with their own plans. An experienced estate attorney can provide you with invaluable advice and offer you powerful solutions tailored to your personal circumstances.