You might not have considered discussing your estate plan with your children. And they might never ask you about it. Yet, it’s usually wise to discuss some elements of your estate plans with at least some family members. Making this effort can reassure them that you have one and inform them where to look for instructions on what to do when you eventually pass away. Remember, your death is likely to be a fraught time for them, so the simpler you make things, the less additional stress they will undergo.
One conversation you might not want to have but definitely should consider having involves talking to anyone you wish to disinherit. It might not be pleasant, but it could save a lot of unpleasantness later.
An honest conversation can prevent rumors, doubt and suspicion
Let’s say you have four children who probably all assume they will get an equal share of your estate. Yet, you have other ideas. You’ve seen that the second born has accrued vastly more wealth than the others and is set to make plenty more. You believe the others could make far better use of your assets.
If you do not inform your child of your decision to disinherit them while you’re still alive, they will get a nasty shock when you die. They may feel confused and angered, wondering if you did not love them as much as their siblings or if one of their siblings influenced you to leave them out. An honest conversation about your reasons could help them understand and reduce the chance they’ll contest your will or fight with their siblings over it.
You should also consider seeking legal guidance to inscribe your decision into your will that clarifies your decision was intentional rather than an oversight. This will help to ensure that your wishes are honored moving forward.