While it may be a difficult task it might be wise to have an inheritance talk with your children in order to avoid future battles.
Family fights can sometimes occur when your estate plan comes as a surprise to the children because they were not given any indication of what to expect when you pass away.
Since it is likely you would prefer that your family not fight over your estate it means you perhaps should consider talking to them about what to expect. But that conversation in itself can be difficult for some families.
Recently Market Watch offered some advice about communicating with your family in “How to tell your kids how much money you’re leaving them.”
The advice includes:
- Decide When and Where to Talk – Instead of just springing a potentially uncomfortable conversation on your family, let them know what you would like to talk about. Then, everyone can come up with a plan about when and where to talk.
- Do Not Start With Money – Before telling your family how much money they will get, start by telling them why your plans are what they are. Tell them who you would like to be your power of attorney and executor as well.
- Ask for Feedback – Let your family voice any questions and concerns about what you have told them. This will help you determine how well everyone is communicating and comprehending.
- Cautiously Discuss Assets – If the conversation has gone well, then you can proceed to talk about your assets and what everyone can expect and why.
An estate planning attorney could be helpful at that meeting.
Reference: Market Watch (Jan. 29, 2016) “How to tell your kids how much money you’re leaving them.”