You might have thought you should keep your estate plan to yourself, perhaps only sharing details with your spouse if you have one. However, there are many advantages to sharing some details with your children, too.
Here are some of the reasons why this can be useful.
To reassure them
Children may get worried if something happens to you or if they feel you are starting to become less with it than you used to be. Letting them know you have measures in place can not only reassure them that they won’t have to find solutions to everything, but it can also let them know if you want them to be part of the solution.
For example, letting your children know that you are making one of them your health care power of attorney avoids them all having to worry about what choice you would opt for in a specific situation.
Maybe you have a nursing home you have already settled on in case the need to enter one arises. Telling your children where this is and how you intend to pay for it can save them difficult conversations about who has to look after you if you cannot safely live at home alone anymore and how to fund it.
To explain your choices
When people never know why their parents made certain estate planning decisions, it can lead to sadness, anger, suspicion and other emotions that won’t benefit anyone. Explaining your choices, especially if some of them could be seen as contentious, allows them to understand the true reason. It reduces the chance your estate plan leads to rifts between those you love.
You may want to have several conversations with your children about your estate plan. Learning more about the options available before having the first conversation may be wise.