You may have a comprehensive estate plan in place detailing your end-of-life wishes and who you want to inherit your assets upon your death, but have you taken the step of discussing these plans with your adult children who will be affected by the plan? It is a step that some people in Texas may be hesitant to take.
Some people put off discussing their estate plan with their adult children because they think doing so will cause unwanted drama. This is not unusual. According to one survey, over 44% of respondents reported experiencing family conflict related to estate planning. Even the most well-drafted estate plan can still catch a family member off guard. This could lead to resentment after your death.
Some information is important to share
Even if it causes some stress between family members, there are some details of your estate plan that your adult children should know about. They should know who you have selected as power of attorney for health care and financial power of attorney, so there are no surprises if you become incapacitated. The details of your living will, which contains information on what end-of-life care you want, can also be shared. This can help your family members make decisions that they know you would want, again, keeping surprises out of what is already an emotional situation.
What about money?
When it comes to inheritances, some people have personal reasons for wanting to keep these details private. At the very least, though, you can let your adult children know you have an estate plan and where your estate planning documents are located. Knowing these basics can help your loved ones ensure your estate plan is followed once you pass away.
Ultimately, you know your family best
In the end, you understand your family dynamics better than anyone. Some people find sharing their estate plan leads to open and honest conversations, which can mitigate misunderstandings. And, if your adult children are doing their own financial planning, knowing what to expect from an inheritance can help in this process. Those in Texas who want to start estate planning can work with an attorney who can offer guidance throughout the process.