If you are like most people, death is not an easy conversation to have. It is tough when you’re having that conversation with your adult children. Death is an uncomfortable topic, but it benefits the whole family if you have a conversation with them about your estate plan.
Fidelity explains a conversation can result in an understanding of your values and asset protection.
How to begin the conversation
No matter how important or beneficial the conversation is, it is still difficult to have one. When you bring everyone together, try to remain as positive as possible. Do not choose a hectic time, such as during the holidays or a special occasion.
Everyone should feel emotionally prepared for the conversation. Make sure everyone understands why you have to have this conversation. You may want to bring examples of worst-case-scenarios if you did not have an estate plan. Be clear and gentle with your intentions.
At the end of the conversation, your family should understand these plans are necessary for all of you. They should understand your wishes and accept them.
How the conversation benefits the family
When you bring your kids into the conversation, they may have a sense of empowerment. They are a part of a plan for everyone’s future. They will understand what legacy you want to leave behind and understand how to care for you if you become incapacitated. Also, you prepare your children to have the same conversation with the younger generations.
Your conversation will be with your adult children in some cases, but some families also include other important relatives.
