Estate planning usually involves meeting with an attorney to account for each of your assets and determine where they will go after your passing. While it might not seem necessary, talking it over with your kids is an essential part of the process. It shows that you care about their feelings and are making an effort to include them. Here’s a closer look at why you should consider bringing it up. 

Why Discuss Estate Planning With Your Kids?

1. Share Your Intentions

Being transparent with your kids will reduce the risk of hurt feelings. Tell them how you plan to divide the inheritance and the logic behind each decision. For example, real estate might go to a specific person because they’re more financially stable and can handle the mortgage. You may also split up family heirlooms in a way that seems most logical to you. Explaining your reasoning gives them time to process and see that your intentions are honest. 

2. Hear Their Opinions

Talking about your estate plan also allows an opportunity for the kids to voice their opinion. For example, they might have more of a sentimental attachment to one piece than you thought or have plans for a particular inheritance. Even if changes aren’t an option, giving them a chance to speak will make them feel heard and valued as a member of the family. 

3. Ensure Your Wishes Are Maintained

In addition to deciding the fate of your assets, you can use estate planning documents to designate your financial and medical power of attorney in case you become incapacitated. This person or persons will be in charge of making health care decisions for you and dealing with matters related to your finances, such as paying debts or making investments. Often, individuals choose one of their children for this role. However, you should first make sure that they are willing and capable of accepting this responsibility. If they are, you should explain to them your thoughts about certain medical procedures, such as being kept on life support, to help them in their duties.

If you’re at the start of the estate planning process, reach out to David R. Webb, Attorney at Law in Lincoln, NE. He has more than 30 years as a lawyer and is well-versed in the intricacies of estate and probate law. His personal approach allows him to establish a close relationship with his clients and ensures that they receive the quality care they deserve. Call (402) 477-7577 to schedule a consultation, or visit his website for additional information on his services.