Talking to your kids about inheritance

Estate planning can be highly emotional and may also generate uncertainty. For example, you could be unsure of which type of estate plan to go with or you could be worried about how your children will react to the way in which you decide to distribute your assets among beneficiaries. If you are struggling with these types of challenges, it may be helpful to sit down and carefully assess the situation. Moreover, you might find that talking to your children about the situation is beneficial and provides a clearer understanding. However, they may not agree with your decisions, but it is important to remain firm and do what you believe is best.

Children can be upset by the way their parents decide to distribute property after they pass away. Some may feel as if they were cheated out of inheritance they should have received, while others may find themselves in the middle of a contentious dispute. During the estate planning process, it is important to keep these different factors in mind and take steps to reduce the likelihood of such conflict. For example, if you carefully discuss these details with your children, or try to find ways to address any questions or concerns they have, you could be able to minimize or even prevent a dispute within the family.

Deciding how to split up your estate among beneficiaries can be hard, but this is just one facet of estate planning. If you navigate over to our estate administration section, more info on the  estate process is available.