5 Tips for Discussing Your Estate Plan With Your Kids

No one likes to think about their mortality, which is why many put off creating an estate plan or discussing it with their loved ones. However, we all know that life is unpredictable, and a well-crafted estate plan can ensure the proper organization and distribution of your assets after your passing. While having this discussion in general can seem daunting, it’s an important conversation to have. Here are five tips for discussing your estate plans with your kids to help you start the conversation and make it as smooth as possible.

Start Early

The earlier you bring up your estate plan with your kids, the better. Doing so will give them time to come to terms with the idea and ask any questions they may have. Keep it age appropriate, but don’t be afraid to bring up some key points during your child’s youth. By the time they’re adults, the topic won’t be so scary or foreign to them. Having this talk early also gives them time to prepare for any responsibilities they may inherit.

Be Honest

Honesty is crucial in estate planning conversations. Be clear about your intentions and what your estate plan entails. You don’t have to go into every detail, but it’s important to give your kids the big picture. Discuss who will be the executor of your estate, what assets you want distributed, and who will be responsible for trusts or other accounts you have.

Listen to Your Kids

While it’s important to be clear about your intentions, it’s also important to listen to your kids. They may have questions or concerns that you haven’t considered, and it’s important to address these to ensure that your estate plan reflects your family’s unique needs. Be open to feedback and willing to make changes if necessary. You may find that your kids have a great point that you want to officially solidify in the paperwork.

Involve Professionals

Bringing a professional into the mix is the fourth of our five tips for discussing your estate plan with your kids. This professional could be an attorney, financial advisor, or accountant. These professionals can help you navigate the legal and financial aspects of estate planning and provide guidance on how to structure your plan. They can also offer advice on how to approach the conversation with your kids and ensure that everyone is on the same page.

Keep the Conversation Going

Estate planning is an ongoing process, so it’s important to keep the conversation going as your life circumstances change. Regularly review your estate plan to ensure that it still reflects your wishes and make changes as needed. Keep your kids informed and involved in the process so that they know what to expect and that they’re ready to take on any necessary responsibilities.

Discussing your estate plan with your kids can be a difficult conversation to have, but it’s an important one. At Vancouver Wills and Trusts, we understand the importance of creating an estate plan that works for you and your family. Our will and trust attorneys will collaborate with you every step of the way to ensure that all your wishes remain accounted for. Contact us today to learn how we can help you develop your estate plan.