One of the toughest decisions that people have to make in the estate planning process is how much information they should share with their children. There is not a one-size-fits-all method for this type of process.
What is best for your family depends on how you plan, when you plan, and all of your family’s circumstances. Many people are not comfortable talking about what they plan to do with their valuables and possessions. Many of them are worried their children may not want to work or may not want to work as hard if they know they will be getting a significant amount of money from their parents.
Another big worry is that discussing an estate plan could result in a family argument if one child will receive more than the other. Many families will just avoid the matter altogether so they can keep the peace in the family.
It can be really difficult to decide if you should discuss these plans with your family, but there are some very good reasons why you should at least consider having this discussion with your family.
If you think for a second that any of your children could be upset with your wishes, it may be better to discuss your plans with your children now. If there is an argument, at least you will be able to explain your decision to your children. You are still here and able to tell them why you did it.
If you die unexpectedly, your family will have many questions about your plans and what steps they should take. If they do not know where you typically keep your things, it can be extra stress added onto the grief they are experiencing. If you discuss everything now, your family will know what to expect after you pass away.
If you are concerned with any issues about your estate plan, you should not hesitate to consult with an attorney. Contact us today if you would like a consultation.