A recent study from the Chicago-based BMO Wealth Management Company identified that up to 40% of adult parents had not had conversations with their children about their estate planning intentions. This can lead to confusion or worse, frustration, if and when a parent passes away unexpectedly.
Approximately 28% of adult children indicated that they had already had conversations regarding the estate planning process with their parents. Of those individuals, up to 40% however, felt that the distribution was unfair. One of the primary reasons that many parents avoid the topic of having an estate planning discussion with their children is because of the perception that the children may believe it to be unfair.
Although this can be a difficult topic to discuss as no one wants to think about their own mortality, it can be an important step in the right direction for family members to better understand your intentions. It can also reduce the possibility of a will contest or other dispute regarding your estate planning intentions after you pass away. Having a frank conversation with your loved ones about your goals can help to illuminate your primary desires and make things easier for your loved ones when you pass away.
Have a talk with your attorney first to ensure that your estate plan is accomplishing what you intend for it to. This can help point you in the right direction when it comes to sharing information about your plans with your loved ones.