The future is among the top variables of life that are out of people’s control. However, an estate plan is a sure way of removing some of that uncertainty. It helps to lay out the groundwork of your wishes, which the state will uphold as long as it is done correctly. If you have kids in Indiana, it’s important to keep them in the loop regarding your estate planning to solidify the plan and avoid any potential conflict later on.
Why is it necessary
The main reason why this talk is important is that it helps your children avoid surprises when your will is read. If you have certain assets that you want to go to specific people, your children need to be aware of this. This can prevent confusion and possible legal wrangling.
If you named your child as an executor or trustee while estate planning, this talk could be necessary to educate them on their roles and why carrying out your wishes is important. This can help save some time or money during the probate process or even avoid lawsuits.
How to start the conversation
The best way to start this conversation is simply by sitting down with your children and telling them about your plans. You don’t need to get into all the nitty-gritty details, but it’s important to let them know of your wishes and why you’ve made the decisions you have. If you’re not sure how to start the conversation, consider talking about a time when someone in your family passed away without having an estate plan.
What to include in the conversation
First, you’ll want to let them know your assets and how you want them to be distributed after your death. You should also talk about any debts you have and how you want those to be paid off. Additionally, it’s important to discuss any funeral or burial plans you have so that your children are prepared to carry them out.
Talking about estate plans is a sensitive topic that most people shy away from, but it is very necessary. Your wishes would be better fulfilled if the main interested party (your children) knew what to expect.