Estate planning is a complicated yet necessary process to ensure that your wishes are documents following your death. In reality, no one wants to think about a time when they are no longer alive. However, communicating your intentions to your children about plans for the future presents challenges.
Age-appropriate discussions can be the first step in their understanding of what may happen in the future. Those with underage kids would be wise to let them know who will care for them should something tragic occurs. As kids mature, talks can evolve to more in-depth, giving them knowledge of the plan while mapping out a path for children to create their own plans once they are adults.
Countless benefits
Information is power. Children with knowledge of an estate executive who manages the plan or power of attorney for healthcare and financial decisions. In particular, children selected as executors should have knowledge of the overall strategies, not to mention tips for money management budgets to ensure that the money they receive lasts.
When they become adults, ensure that they know where documents from account numbers and login information to the original will and healthcare directive.
Aside from communication and documentation, estate planning is rife with emotions. However, avoiding talks go beyond finding paperwork and ledgers. Setting an example can transcend multiple generations, also embracing the estate planning process.
Essentially, it is a process that only begins when you die. However, ensuring care and stability for loved ones can have its own rewards.