Maybe you’ve chosen your oldest son to serve as executor because he has more financial knowledge than the others, lives closer, or is better organized. Or, if you have decided to appoint one of your children as the executor of your estate, explain why and what this role will entail. For example, if you want the proceeds from the sale of your house to be donated to charity, you can tell your family which charitable foundation you have chosen to benefit and why. It is important to explain your choices to your children as well. Most people shy away from including numbers in this conversation, but doing so can have benefits, such as enabling your kids to prepare for whether they will need to support you in the later stages of your life or will be financially able to buy a house or begin saving for their own kids’ college with inheritance money. It is up to you whether to discuss the specific amount of money each of your children will receive. And if you have a family business, discuss your plans for its succession or continuance after you’ve passed. Discuss what items each child will receive (art, furniture, jewelry) from your estate as well as whether you plan to pass your house to one of your children, or intend for them to jointly own it. Inform your kids what your estate plan says and why. Moreover, having this discussion will give your kids a realistic expectation of your estate plan, a much better alternative than surprising your kids about their inheritances when you’re no longer around to explain your choices to them. Don’t wait until a time of crisis or when your health declines to talk to your kids. Most significantly, this conversation should be held before the estate plan is put into effect. You should try to lead the conversation as calmly as possible and if anyone does become upset, explain your goals and emphasize that everything was done with your family’s best interests and future in mind. Yet, if you include one kid’s spouse, the others’ spouses should probably take part in the conversation as well.Īdditionally, understand that this discussion may spark strong emotional reactions. If you think that your daughter’s husband is a lousy guy and may seek her inheritance money in a divorce lawsuit, you probably don’t want to include him. You also must determine whether to include the spouses of your kids in this conversation. On the other hand, a group discussion may be best in ensuring that everyone receives the exact same information. Individual conversations provide the opportunity to address each kid’s reactions, feelings, and opinions independently and with the full attention they deserve. It is important that you speak with the whole family-whether through conversations with individual children, or with everyone together. Once you’ve decided that you would like to have this conversation with your kids, give them some forewarning about the discussion to come. Here are a few tips on how to broach the subject… Whether you have teenagers nearing adulthood, or a couple of self-sufficient thirty-year olds, it is important to talk to your kids about your estate plan. Yet, when it comes to your family and their future, these connotations should be set aside in order to foster a candid conversation about your estate plan with your kids. Many may say that talk of death makes them uncomfortable, and to discuss money would simply be impolite. Talking about the taboo topics of money and death in one conversation is not most people’s idea of a good time.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |