Family dynamics can be the hardest variable to account for when creating an estate plan in Florida. However, actively communicating your wishes to family members may increase the likelihood that they are respected and understood. Let’s take a look at what to consider before deciding whether to tell your children about the structure of your estate plan.
You don’t have to divulge everything
There is no rule or law that requires you to divulge every detail of your estate plan to your children. For instance, you could choose to tell them only that they are receiving a cash inheritance when they turn 25 or that they will each receive an ownership interest in the family house.
You don’t have to be the one to have the estate planning discussion
A financial professional may be able to explain the terms of your estate plan and how it will be carried out. An estate planning attorney may also be able to have a conversation concerning the contents of your will or trust. This can be ideal if you have concerns about how to break the news that one child may receive more than the others after you pass. It can also be ideal if you don’t have a solid relationship with your adult children.
Conversations could result in valuable feedback
Talking to your kids about the contents of your estate plan could prevent problems from arising after you pass. For instance, there is a chance that no one actually wants to inherit the family farm or business. Conversely, you might find out that your assumption that no one wanted the family vacation home was incorrect. While you’re under no obligation to do what your beneficiaries want, doing so may make it easier to settle your affairs when it comes time to do so.
If you have questions about how to communicate your estate planning goals, feel free to consult with an attorney. Legal counsel may be able to provide insight into how to talk about life after you’re gone in a way that meets your needs.
