Honesty is a good policy.
You have created an estate plan.
With the help of an experienced estate planning attorney, everything is in place and in alignment with your wishes.
You are done.
According to a recent Kiplinger article titled “To Prepare Your Heirs for Future Wealth, Don't Hide the Truth,” this is not necessarily true.
People make many excuses for avoiding this crucial step.
First, the topic is unpleasant.
People do not enjoy discussing death of a family member.
You cannot avoid death.
Why avoid talking about it?
It is a reality.
A second reason is fear of poor decisions.
Many parents believe if children know they will receive an inheritance, then they will no longer be motivated to work or go to school.
Discussing your wealth and your estate plan with your children can be a valuable time to pass along your wisdom and explain why you made the choices you made.
By doing so, you can help your children make informed decisions for their own future.
This can help with their own tax and estate planning, too.
Communication is key to any relationship.
Transparency in estate planning can help strengthen your family bonds, while setting your loved ones up for a successful transfer of wealth and wisdom.
Reference: Kiplinger (May 22, 2019) “To Prepare Your Heirs for Future Wealth, Don't Hide the Truth”