Should your adult children know about your estate plan?

On Behalf of | Oct 4, 2021 | Estate planning

Your estate plan contains lots of personal information and sensitive details about your financial assets. Given the gravity of its contents, you will most likely keep a significant portion of your strategy confidential.

However, if you have adult children or other critical participants in your plan, everyone may benefit from your willingness to share aspects of your final wishes. Knowing what to share can give you confidence and prevent oversharing from compromising your safety.

Define roles

Even though your estate plan is your personal strategy for distributing your assets and preparing for the end of your life, you will most likely rely on the participation of others to accomplish your endeavors. For example, you may plan to use a health care proxy or a financial power of attorney. You will probably name an executor who will oversee the closure of your estate. Even still, you could name witnesses to verify the legitimacy of your plan.

Each of these individuals will play an important role in executing and finalizing your plan. Your family may benefit from knowing who you name for each of these roles, as well as how they can support the individuals in these roles. When your family knows who upholds responsibility for what, they may feel more supportive and unified. Your choice to share may also eliminate the confusion or disappointment that often comes from misunderstanding.

Clarify your intentions

Your adult children may have concerns about why you made certain decisions. While you have no obligation to change your mind based on their opinions, clarifying your intentions can go a long way in settling drama. According to CNBC, one of the worst mistakes you can make is to avoid communicating altogether. Rather, encourage open communication and show a willingness to answer their questions and address their concerns.

When you share your intentions and provide some context into your decision-making strategies, you may effectively prevent risks of estate disputes or family discord from disrupting your legacy.