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LET'S TALK:

  • Daniel Rodriguez

Including your kids in estate planning

Updated: Mar 8

Talking to your kids about your estate plan may be an effective way to ensure that your affairs are settled on time. It can also help reduce the chances of family infighting, legal challenges to your California will or other negative events.


Tips for approaching a conversation

It may be best to discuss your estate plan broadly if you have young children. For example, you can tell your kids about how money can be used to obtain freedom or to help others. Suppose your kids are teenagers or young adults. In that case, you can talk about specific topics such as why you chose a certain person to be an executor or why your children aren’t receiving equal inheritances. If you don't feel comfortable doing so yourself, you may want to consider having your financial adviser or other professionals facilitate an estate planning conversation.


Potential benefits of regular conversations

There are several benefits of having regular estate planning conversations with your kids. For instance, you can learn whether your kids want to inherit a home or car or if they would rather have the cash. You can also better understand who may be most capable of carrying out your plan after you pass. It is possible to hire a professional estate representative if you don’t think your children can carry out your final wishes.


Conversations with beneficiaries will ideally be a part of your annual estate plan review. You may also want to review a will, trust or other documents to ensure they meet your needs. Reviewing your plan after a major life event or a change to state or federal tax laws may also be necessary.

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