You know how important it is to have an estate, but you may struggle to discuss your will and other estate planning documents with your adult children. How do you overcome this hurdle?
CNBC provides tips for walking your loved ones through your estate plan. Learn how to navigate a tough conversation to give yourself and your adult children the gift of peace.
Power of attorney
If you want one of your adult children to make financial or medical decisions for you if you cannot communicate, let them know about your choice. You do not want the role or its responsibilities to come as a surprise.
You may hesitate to share certain financial aspects of your estate with your children. You need not tell them if you do not feel comfortable, but it may benefit all involved if you let your loved ones know you have a plan.
If you want one of your children to serve as an estate executor, let all your children know about the designation, not just the child you chose. That way, everyone knows about your decision and has a chance to ask questions. Also, let your children know where you stored all your estate planning documents, so they do not waste time looking for them.
Your kids’ financial future
Another reason to make sure you tell your children about your estate is in case an inheritance (no matter the size) affects their financial plans. If your kids know you left them an inheritance, then that may factor that into their long- and short-term financial plans.
Having a hard conversation may benefit you and your loved ones more than you know. Finding the courage to talk about your estate plan could become a matter of finding the right words to say.