It is likely that the vast majority of people in New York who draft an estate plan do so with the intent to leave their assets to their children. In essence, the estate plan is a way to lessen the burden of the transfer of assets to the children, or to make sure that minor children are taken care of if the worst-case scenario should occur with the parents.
If you are thinking about your kids and what is best for them when you approach your estate planning process, make sure you don’t forget one cruci6al aspect: discussing your estate plan with your children. A recent news article mentioned some of the issues people might have with that aspect of estate planning, particularly for discussions with adult children.
Open communication
For some reason, many people who have an estate plan drafted prefer to be secretive about what their intentions and plans are. That is somewhat understandable, since estate plans deal with personal matters such as finances, funeral preferences, health care choices and other matters that might not be the topics of polite conversation. However, imagine a scenario in which you die and your children are seeing your estate plan documents for the first time.
Make sure that your children aren’t overwhelmed by the legal terms that apply in such a situation, their roles in carrying out your wishes or by any perceived inequalities in your wishes.
To discuss your estate plan with your adult children, the recent news article suggested finding a time and place where a dedicated conversation on the topic can occur. Minimize distractions and make sure that you leave space for any questions your children might have.
You are likely trying to do what is best for your children when you begin the process of crafting a comprehensive estate plan. It may be important to consider their point of view and how they might be impacted by your decisions.