Estate planning isn’t a very easy or fun topic to discuss, particularly with your children. It is a talk many of us simply shove aside until it is too late. Communication about your values and wishes for your estate is essential to ensuring that hurt feelings are minimized and surprises eliminated.
I wrote an article for the NAPFA Planning Perspectives newsletter recently and gave four suggestions for making this conversation a little less awkward.
Have you expressed your values and wishes for your estate to your children recently or ever? Now may be a good time to consider bringing up the topic. In most cases, children appreciate knowing their parents’ wishes before you pass. This eliminates kids having to make up the story for you after you pass.