Talking to adult children about your estate plan

twoseniorswalkingadog
twoseniorswalkingadog

If you’ve done your estate planning and have adult children  (single, married, divorced, with or without children), its important to let them know that you have taken care of this. It would be courteous to let your children know: Where your documents are located, both copies and originals.

Whom you have chosen as your fiduciaries, such as agents for powers of attorney, personal representative, and trustees.

It would also be helpful if you can convey to them your wishes should you become disabled.

You may wish to discuss the nuts and bolts of your plan in more detail with them, this is a personal matter, and you may decide to not disclose this at all.

However, it might be wise to discuss any areas that might cause conflict in the family up front and address this with the parties now to avoid future contention. If there are any anomalies in your estate plan, such as leaving money to a more distant relative or choosing to favor one beneficiary over others, it’s a good idea to talk about this – that way there will be no hurt feelings or surprises when the estate plan is implemented and you are unable to explain your reasons for the choices you have made.