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Talking to adult children about their inheritence

Many Florida parents want to leave a big portion of their estate to their children, but some are reluctant to talk about it. Discussing financial matters, especially when they relate to estate planning, can be an uncomfortable topic for a lot of people. However, parents who shy away from letting their offspring know how much money they will inherit may be creating some unintended problems.

If adult children do not understand their parents' estate, they won't know how to sort through it when their parents are gone. Failing to have an estate planning talk before it is too late could end up costing heirs a big portion of their inheritance. In their confusion, adult children could miss tax deadlines and fail to locate financial accounts. Another consequence of not telling children about the details of their inheritance can be the hurt feelings of children who misinterpret the meaning behind certain estate planning choices.

Talking to adult children about an estate plan involves more than just discussions about how much money they will inherit. Children will likely be designated for important roles in their parent's estate plan such as health care power of attorney, financial power of attorney or administrator of a trust. Parents should be sure to explain the reasoning behind these important designations carefully, as confusion could lead to sibling rivalry.

One way that a parent could broach these topics with their children is have an estate planning attorney present. An attorney can often explain the choices that were made and the reasoning behind them.

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