Estate Planning is a Family Affair: What & Why You Need To Tell Your Kids
If you have taken the steps to prepare an estate plan, or are planning to, it is advisable to take the next step and inform your adult children of the details of your intentions.
How much of the details, with regard to the monetary amount of inheritance is up to you to decide, and in some circumstances may not be necessary to reveal, but other factors specifically pertaining to who is involved and potential end-of-life issues are a must.
A properly drafted estate plan not only handles provisions for your estate, which determines who your heirs are and what assets they will specifically inherit, but it also lays out other end-of-life considerations. And regardless of the size of your estate, you should establish a Revocable Living Trust prior to your death in order to avoid probate.
And possibly, the most important reason to share with your child is to provide them with peace of mind. As difficult as the topics of aging, illness and death may be to discuss, just knowing that you have the necessary plans in place to provide for yourself in your later years may ultimately be the best gift a parent can give.
To find out more about planning your estate, contact Tully Law Group at 631-424-2800 to set up a free consultation.