Should You Have A Talk About Your Estate Plans With Your Family?

How many times have you watched a movie or TV show that depicted family members gathered around a table, waiting with baited breath to hear from a dead loved one’s lawyer as he officially reads the contents of their loved one’s highly secretive Will?

In the real world, you need to consider whether it is a good idea to die without revealing having revealed to your family what your Will says.

You may feel that it will be best for your family if you do not reveal your estate plans because you want to avoid family arguments or disagreements.  However, it may be best if you had a discussion with your family so you can give them an understanding of why you made the decisions you made.

Many people would prefer to keep these talks private or to a minimum, but you should really consider sharing as much information as possible with your family. This is especially true if one child will receive something that is different from the others.

You may have children who are financially responsible and others who are not good at managing money. For those who are financially responsible, you may decide to give them their money at once. For the others, you may decide to give the money in payments. If your children are adults who have children, you may also decide to leave money for your grandchildren.

If one of your children receives all of his or her money up front, the other children will wonder why their money was set up in a trust. When you have a talk about your plans before anything happens to you, everyone will be informed of why you made the decisions you made.

We understand that every family is different. Some families are uncomfortable with these discussions and some families would rather talk about it. If you want to have this talk with your family, but you are unsure of what you should do or how you should do it, contact us today.