You might think that your estate plan is something you can keep to yourself. Perhaps you do not like discussing the subject of death or fear you’ll upset your children if you discuss plans for your passing. Or maybe you feel that broaching the subject could cause your kids to act differently toward you.
Generally, it is recommended that you have at least a basic discussion about your estate plan rather than keeping it all secret. Here are some reasons why.
1. To save them worrying
For all the years you have spent worrying about your children, there will come a time when they start worrying about you. Letting them know you have plans in place in case you start suffering with ill health or your mind deteriorates can provide important reassurance.
2. To check it works for them
It might be that your plan does not work as well as you hoped for one of your children. Things like divorce, bankruptcy or losing a lawsuit could put anything they inherit at risk – so if they suspect one of those things is on the horizon, they might prefer that you put anything you wish to pass them in a trust or pass it directly to their child (your grandchild) to avoid it getting taken. Yet, they might never mention it unless you initiate a discussion.
3. To assign them roles
You may want a child to be an executor, power of attorney or to take care of your pet when you die. You should always talk about this in advance with them to make sure they are happy to take that role.
4. To prevent disputes
People sometimes expect or would like to get particular things in an estate plan, and if you give those things to their siblings, it could cause a feud. Discussing things now allows you to explain any decisions that may be unpopular or confusing, and head off problems.
Discussing your plan with a legal team can help you clarify what you will say and make any changes you feel necessary after your discussion with your children.
