When your children are young, it’s safe to assume you won’t tell them much about estate planning. However, as they age, you may want to consider sharing the details of your estate plan and the impact it could have on them in the future.
Here’s the one thing to remember: you can share as much or as little about your estate plan as you wish. There’s no right or wrong approach.
Here are some of the details you may want to consider sharing with your adult children:
- The plan for your assets: For example, if you have one child and they’re in line to receive all of your assets upon your death, you may want to make this known to them. Doing so allows them to plan accordingly and manage your passing in the appropriate manner.
- Your incapacity plan: This comes into play if you’re incapacitated and unable to make your own decisions. This can include a discussion regarding your Living Will and financial power of attorney.
- Your long-term care plan: This part of your estate plan manages the manner in which you’ll receive and pay for long-term care should it be necessary in the future. It can touch on details such as your choice of nursing home and the availability of long-term care insurance to help pay for this expense.
Tip: if you have more than one adult child, it’s best to include all of them in the conversation. You don’t want anyone to feel left out, as it can cause tension both now and in the future.
Overall, it’s up to you to decide what to tell your adult children about your estate plan. Some people share everything, while others keep the details closely guarded.
If you have questions about what you should and shouldn’t do, contact us for professional guidance.