One of the most difficult conversations a parent can have with their children is discussing estate planning. It’s hard to think about our own mortality, let alone talk about it with our kids. But, it’s an important conversation to have.
Get a calm and relaxed setting
You want to have this conversation in a setting where everyone feels comfortable. This could be at a local coffee shop, your home, or even or even during a walk. The last thing you want is for your kids to feel like they’re being interrogated. So, make sure the setting is relaxed and that everyone has the opportunity to speak openly.
Start the conversation by explaining what estate planning is
Before you start talking about your own personal estate plan, it’s important to explain what estate planning is. You can tell them that it’s simply a process of organizing your finances and property in the event of your death. It’s also a way to ensure that your wishes get carried out, whether it’s regarding your funeral arrangements or who you want to receive your belongings.
Be honest about your plans
Once you’ve explained what estate planning is, it’s time to be honest about your plans. This is where things can get difficult because you’re not only talking about your own death, but also your children’s inheritance. But, it’s important to be as open and honest as possible. Your kids may have a lot of questions about your plans, and that’s okay. It’s important to answer their questions as best you can.
Let them know that you’re doing this for them
It’s important to let your kids know that you’re having this conversation because you care about them and their future. This is not a conversation that should be taken lightly. You want to make sure they’re prepared for anything that may happen in the future.
Having this conversation with your children can not only ensure that they’re taken care of after you’re gone, but it can also help to ease their anxiety about the future. While it can be a difficult conversation, there are always ways to make it a little bit easier.