Children can play a major role in your estate planning process. One of the significant benefits of involving them is to ensure complete transparency and eliminate any tension among children and other family members when the time comes. This can also help avoid any estate battle among them after you are gone.
Estate planning is crucial to discuss with your adult children, particularly if the beneficiaries are being treated differently in your plan. However, this can be a difficult conversation, so having a qualified estate planning lawyer with you is a wise decision.
What to Address When Discussing Estate Planning with Adult Children?
Whether or not you want to include your adult children in the estate planning process and to what extent you want to include them is a personal decision. However, having this conversation with them can help prepare them better and avoid any conflict.
Here are some of the things you can address when including adult children in estate planning:
- Whether they want to and would be able to perform their assigned responsibilities as per your estate planning, for instance, being a trustee or administrator of the estate plan or having the power to make health care decisions. Discuss their roles and the best way to navigate these duties during an emotional time.
- Your plan is to pay for any long-term medical or care treatment if need be. This way, your children will know what to do if you are incapacitated.
- The location of your legal and financial documentation
- Any end-of-life care and health decisions you want them to make on your behalf
When is the Right Time to Include Your Adult Children in Trust Planning?
It is best only to involve your adult children in estate planning once you have determined your intentions and goals and discussed them with your estate planning lawyer. It is important to note that your children might not be happy with your estate planning decisions.
Therefore, having a conversation with them about your intentions is important to prevent any problems in the future. Consulting a trust planning or estate planning lawyer in Nevada is a great way to determine the right way to include your adult children.
An experienced lawyer will guide you on how to begin the conversation and tackle difficult areas. Your lawyer will also help you create boundaries and the best way to make them understand that, as parents, you have the right to make decisions on the inheritance.
Once you have properly planned and prepared yourself, you can get your children involved in the process.
Consult Experienced Estate Planning Lawyer in Nevada
There are multiple benefits of including your adult children in your estate planning. While it might be difficult to have this conversation, having an experienced estate planning lawyer by your side can make this easier.
At Bourassa Law Group, our estate planning lawyers understand estate planning is hard in itself and that talking about it with your children can be stressful. We can help you every step of the way and ensure you and your adult children can positively discuss estate planning.
Give us a call at (800)870-8910 for a free consultation, and let’s get started.
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