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Should your adult children be involved in your estate planning?

On Behalf of | Jun 28, 2024 | Estate Planning | 0 comments

Estate planning can be a difficult but important process. It is difficult because of the amount of work involved and the emotional nature of the decisions you are making, but important because it defines where your assets will go and who will take care of your family if you can’t anymore. 

It is very likely that your family members will become the beneficiaries of your estate and carry out your plans. However, you may be wondering if it is appropriate to have your adult children involved in the estate planning process.

What is estate planning?

Estate planning encompasses all the actions you would take to decide in advance what would happen to your assets in the event of your incapacitation or death. It says who will receive your possessions and what they will receive as well as who will take care of your kids, pets, homes, and other dependents or property.

When you start estate planning, you will be writing a will and determining beneficiaries of your possessions, but that is just the tip of the iceberg. It also may involve setting up trust accounts in the names of beneficiaries, establishing a guardian for dependents, creating or updating life insurance plans and 401(k)s and so much more. 

Who should be involved in estate planning? 

During the estate planning process, you will enlist the help of a variety of professionals. These will include your lawyer, an accountant, a financial planner, a life insurance advisor and a banker. But what about your family? 

There are pros and cons to involving your adult children in the estate planning process. On the plus side, it shows them that you trust them and it can help to have someone on your side to talk through plans, gather documents and decide who will be best for certain roles. However, you may be uncertain of their reactions to certain decisions. 

If you do decide to get your family involved, it is best to start an open dialogue with them as early as possible so you can work through your concerns and questions.

Start a conversation with your loved ones about estate planning

If you decide to get your family involved, it is best to start an open dialogue with them as early as possible. Starting those conversations early ensures your assets will be in the hands of someone you trust after you pass away.

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