Tax Blog

Benefits of Discussing your Estate Plan with your Children

Discussing your estate plan with your child can be a unique opportunity to not only connect with

them but to ensure that your wishes are fulfilled after you’re gone. This pandemic has shown us

that being prepared in all aspects of life, especially estate planning, is necessary. The reality is

that a large amount of wealth could be transferred to them at any moment, and being transparent

with your plans makes for the smoothest transition. Many people create estate plans and

automatically name their child as the trustee but fail to discuss the role and what is involved with

their child. By having your child involved in the process and allowing them to ask questions

about responsibilities and valuables that the documents may not address you can save them a lot

of trouble down the road. This will ensure accounts are not forgotten and the bills are paid. One

way to get your child introduced to this is by setting up a meeting with your estate planning

attorney or financial advisor. While it may not be an easy conversation, making sure your child

has a general understanding of your situation, wishes, and estate can be very helpful towards

solidifying your legacy and your future. The professionals at The Center are more than knowledgeable, for more information, please contact us at (618) 997-3436




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