Family Pulling Party Favors During Christmas Dinner

There are no easy answers when it comes to communicating about your estate plans.

While many people believe it is important to tell your adult children about your estate plan the NWI Times points out in “What should we tell the kids?,” the answer is not always that simple and it is a personal one that everyone needs to decide for themselves.

If you tell people about your estate plan, then you risk family arguments about the plan. Children might have different views about what should happen to your possessions after you pass away than you have. Children who are not selected for important roles in the estate, such as executor or trustee, might be upset about that too.

On the other hand, if that drama is going to play out concerning your plan, it might be better to let it do so now when you are around to explain and mediate than after you pass away. Telling your children also lets them know what to expect so they can make plans about the inheritance they will receive.

Ultimately, whether you should tell your children about your estate plan depends on the specific dynamics of your family and how they will feel about the plans you have made. No one can answer the question in the abstract and no one is in a better position than you to understand your family well enough to make a decision one way or another.

An estate planning attorney can advise you on your options in communicating your estate plan to family members.

Reference: NWI Times (July 10, 2016) “What should we tell the kids?

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.