7 Reasons to Talk to Your Children About Your Estate Plan
Parents are notoriously skittish about discussing inheritance matters with their adult children, but there are many good reasons for you to do so. Here are 7 of them:
1. No surprises. Explaining to your children why you have made certain decisions will help avoid any nasty surprises that could spoil their fond memories of you.
2. Restructure your plan. You may not know exactly what your children want, so discussing your thoughts with them and listening to their feedback may lead you to revise your current plan.
3. Save on taxes. In families where estate tax could be an issue, making gifts now could save estate taxes down the road.
4. Manage expectations. Your children may be expecting a lot more than you are intending to give, so being honest about what you are leaving them will help them manage expectations.
5. Gain acceptance. Explaining your reasoning that has influenced your estate planning decisions will make those decisions easier for your children to accept.
6. Anticipate disclaimers. If your adult children are well-off, one or more of them may wish to disclaim all or part of their inheritance from you in favor of one or more of their children or a charity. Finding if that will be the case upfront allows you to restructure your plan accordingly.
7. Encourage harmony. Consider talking to children separately about your plan and solicit their ideas and opinions.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.