Creating an estate plan is one of the most important parts of life. This plan protects not only you but your assets, your spouse, your beneficiaries and your property when you die or become incapacitated. Reviewing your estate plan every couple of years is a great way to make sure what is expressed in the plan is still your preference. If you have adult children, it is important to explain the wishes outlined in the plan as soon as possible.
It’s a good idea to explain what is in your estate plan, so your adult children have an understanding of your wishes and what they can expect when you pass away. For example, inform each adult child how and what they will be inheriting money and assets, so they are not surprised upon your death.
If you have a family business and want it sold upon your death, it’s smart to inform your children of this decision now. If you don’t want the business sold but instead continued on by your children, make sure they are prepared to run the business after your passing.
Another important part of this discussion centers around your wishes regarding your care. If you have chosen to complete a Do Not Resuscitate (DNR) directive, make sure your children know this. The same goes for if you do not want to be kept alive using machines. Your adult children should know all of this before the situation arises.
When you explain your estate plan to your adult children, you are putting the entire family in a better situation when the inevitable happens. This will make sure everyone is on the same page and understands your wishes.