For most people, estate planning is difficult enough without adding their children to the mix. However, depending on your circumstances, it may make sense to talk to your children about estate planning and the impact it could have on them in the future.
What factors should influence your decision?
Here are some things to think about as you consider bringing this topic to light with your children:
- The age of your children: For example, if you have adult children, you’re more likely to have this conversation with them. It doesn’t make much sense to talk about estate planning with a 5-year-old who doesn’t know what it means.
- Your comfort level: There are some aspects of estate planning that you may be okay sharing with your children. Conversely, there may be details that you want to keep to yourself. It’s okay to share some information but not everything.
- How to be fair: The last thing you want to do is leave one of your children out of the conversation, thus making them feel left out. So, if you’re going to discuss estate planning with your children, be sure that you include all of them. Not only does this help the situation now, but it can reduce the risk of squabbling after your death.
Whether or not you talk to your children about estate planning is a personal decision. Some people are all for it, while others have some reservations. If you’re on board with the idea, consider the details above before you have your first discussion. This will help you and your children now and in the future.