Sharing Your Estate Plan With Your Heirs
For most people, their personal financial information is just that: personal. Older parents with wealth were usually brought up believing it is wrong to discuss money with their children, no matter how old those children might be.
But by keeping your estate plan a “secret,” you may be doing unintentional harm to your heirs, especially if your plans will come as a big surprise to them.
Whether they admit it or not, most children think that your money will eventually become their money. With the recent economic upheaval we have experienced, probably more adult children than ever are counting on their parents’ wealth to be a major portion of their retirement savings.
In addition, your children may assume – rightly or wrongly – that your assets will be divided equally among them. If that is not to be the case, you may be unintentionally creating a permanent rift in their relationship with each other by not telling them in advance why you have made the distribution choices you have made.
Sharing your estate plan with your heirs may not be an easy thing to do, but it is something that responsible parents should consider. While some parents may have a very good reason to keep their plans unknown until they pass, open communication is usually one of the best ways to ensure your final wishes are respected and that a tight lid is kept on that potential can of worms.
To learn how to share your estate plan with your family, please consult our Jacksonville estate planning attorney at Wood, Atter & Wolf, P.A.
