How to Talk to Your Children About Estate Planning

Broaching the topic of estate planning with your children can be a daunting task, with a mixture of difficult emotions for everyone involved, rising to the surface—anxiety, fear, or even avoidance. Depending on their age, maybe you think they might not follow or understand the discussion. Overall, no one likes to talk about the topic of dying and no one really wants to hear it. Rather it’s easier to put it at the back of your mind and think of it as some far off thing that won’t need to be addressed until decades down the road.

Many people think that the discussion of estate planning is focused on what happens after death, but in reality, estate planning encompasses many more end-of-life issues such as medical expenses, making decisions in events of incapacitation, and taking honest assessments of the family’s abilities, as well as their limitations, to handle difficult situations and decisions.

Important Discussions to Have

While they are still not fun conversations to have with your children, they are absolutely necessary to help prepare them for the inevitable. We understand that there are many factors that can stop you from taking the initiative, such as: 

  • Fear of heirs knowing they have an inheritance coming and thus relying on the prospect of future money rather than building their own wealth
  • Fear that the conversation about the estate plan will cause conflict among the children and/or heirs

But don’t allow that fear to stop you from having the conversation that will ultimately benefit your children and family greatly down the road. By having this important and fundamental conversation with your children, you can express your motivations and better understand what your children need before the time comes. \

You can avoid plenty of probate proceedings that involve heirs or family members arguing about a deceased relative’s wishes by explaining your motivations now. Understanding your child’s needs also helps you better personalize your estate plan to provide for them based on what they need. Estate planning also doesn’t stop at financial wealth for your children, but can also encompass certain attributes like guardianship in the event of  certain scenarios, making it all the more important to keep your family safe and secure by letting them know what your plans are to take care of them.

At Wills and Wellness, we have you covered for whatever your estate planning needs are. We know that the same story doesn’t apply for everyone, especially when it comes to talking about your estate plan with your children. No matter what you need, we offer a diverse collection of on-demand educational videos to help you prepare the conversation. With our latest videos we approach many different life situations that can help you express your motivations and intentions to your children in case certain life events happen. In this video collection, you can learn about the importance short-term guardianship plays in the estate planning process by making sure your children are safe and secure.

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