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Discussing your estate plan with your adult children

Discussing your estate plan with your adult children

On Behalf of | Oct 22, 2021 | Estate Planning

Estate planning can seem complicated, but it simply boils down to a number of steps you can take to ensure your final wishes are met. While drafting and officializing a will, power of attorney and advance health care directive are important components of estate planning there are less formal components as well. One of these is discussing your estate plan with your adult children.

Make sure your children understand their role in your estate plan

You may have named an adult child to be your trustee or executor. However, did you discuss this obligation with them first? If not, now is the time to have that conversation. Being a trustee or an executor carries a lot of responsibilities and legal obligations. It is important to make sure your adult child is ready to take on this role, so your final wishes will be met.

Make sure your kids understand the whereabouts of your assets

Your estate plan can become complex if no one knows where your documents are, where your assets are and passwords to your accounts. It is important to keep this key information available to your executor at least so that there is not a rush to locate something that is hard to find when the time comes.

Discuss inheritance with your kids

Some people choose to split their estate evenly amongst their children. If, however, you plan on giving one child a greater inheritance than another it is important to discuss this sensitive subject with all your children. They need to understand your motives and discussing the issue ahead of time can give your adult children time to process the information before you pass.

Estate planning does not have to be complicated

Estate planning in New Jersey is only as complicated as you make it. However, even a simple estate plan should be discussed with those affected by it. By making sure your loved ones understand why you made the decisions you did in your estate plan it can go a long way to ensuring your final wishes will be met.

 

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