We are never too young or too old to have an estate plan, which will change through the years. As your children grow, your estate plan may change from who would be guardians to your kids to how you want to live your final years. The most important part of establishing and updating your estate plan is to let your adult children know your wishes ahead of time. It may be a hard conversation at first, but you want your adult kids to know who is the executor of your estate.
An estate plan consists of all aspects that will help you continue your way of life as you get older and what you want to leave others when you’re gone. It includes more than you may first realize.
An estate plan may include the following:
That’s a lot of information your children need to know, especially when you need them to understand who is the executor of your estate.
Money and dying are often the hardest conversations to have with your family. But they are also the most necessary. These conversations can become emotional, but they most certainly need to be discussed. Telling your children your final wishes will allow them to work through their grief when you’re gone and not worry about what or why you made your decisions.
Tell your children who you named the executor of your estate. If you name one child, it will prepare them for the role and allow you to explain to all of your children why you chose that one. Perhaps they live close to you, others have children to worry about, or the youngest child may be the most responsible.
Whatever your reasoning, explaining your decision will (hopefully) help reduce family feuds after you pass away.
It’s not only the executor of your estate that needs to understand your plan. It’s wise to talk about your entire estate plan with more than only the executor of the estate.
Some other items to discuss are:
A good idea is to end the conversation on a good note. Do something fun after having this tough talk.
Talk to the experienced estate planning attorneys at the Estate and Probate Legal Group. We can help you plan for the future and help you talk to your adult children about being the executor of your estate. Contact us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties