You have the beginnings of an estate plan but know you should share its contents with your adult children. The issue you bump into is you do not know how to start this vital conversation.
Kiplinger offers tips on talking to adult children about your estate. Learn how to have a difficult discussion sooner rather than later.
Do not delay the conversation
You may have several concerns regarding talking about your death and estate. Perhaps you worry your adult children may stop working if they know how much they stand to inherit, or maybe you feel you should put off the conversation for a few years. No matter the reason, you must acknowledge the inevitability of your death. Do yourself a favor and bite the bullet ASAP.
Plan how you want to break the ice
No matter when you speak with your adult children, talk to them face-to-face rather than over the phone. Further, try to have the discussion with all your children at the same time, so no one feels left out or ignored.
Take your time
When you talk about your estate plan, think of a way to ease into the subject, to make things easier for everyone. For instance, if a friend or relative died recently, use that as a jumping-off point to start your estate plan conversation. Take your time when discussing your end-of-life desires and how you allocated assets. Your children may not agree with all your decisions, but having the talk while alive gives them the chance to ask questions and clear up confusion, an opportunity they lose when you die.
Have a plan for talking about your estate. Difficult conversations often prove the most essential to have.