Giving your child the gift of an estate plan
You’ve got a comprehensive estate plan in place to help ensure that your assets are passed down to your children and grandchildren as you intend. However, your adult children likely don’t feel a sense of urgency to do the same. They may think that they’re too young to think about estate planning, even if they’re well into their 30s or 40s.
One estate planning attorney says, “Most Gen Xers and Millennials, when asked by their parents, do not have their financial affairs and estate planning affairs arranged in a manner sufficient to satisfy senior generations.” So, what can you do to help incentivize your kids to start thinking about their own legacy and how they intend to further pass down not just family money but the assets they’ve worked hard to acquire themselves?
Some baby boomers are giving their kids the gift of estate planning. They’re offering to pay the costs associated with retaining an estate planning attorney and developing a comprehensive plan.
It’s essential to remember, however, that this doesn’t mean you have a say in your child’s estate plan. You shouldn’t expect them to tell you what’s in it or provide you with copies of any of the documents. Even if you’re the one paying the attorney, that attorney cannot give you access to your child’s estate plan without their authorization.
Broaching the subject of an estate plan with your kids can be tricky. No one wants to feel nagged into doing something. If someone has always felt that their parents never had any confidence in them, an offer to pay for their estate planning could trigger some old resentments.
Timing is crucial. If your child is preparing to have a child of their own, for example, this is an excellent time to discuss the need for an estate plan. If you’ve just completed your own plan or made some revisions to it, this could also be a good time to recommend to your kids that they do the same. Contact AnnaMarie L. Mitchell, P.A. at (866) 829-3367 and schedule a FREE 20-minute consultation to discuss all your estate planning needs.