As your children grow older and become adults, it may be tempting to keep them informed about what is outlined in your estate planning documents. In the vast majority of situations disclosure can make a lot of sense. However, there are some families in the unique position that makes disclosure more or less not advisable.
Less disclosure may be recommended to you if it would cause any harm in the children’s lives. For example, if changes to your estate plan would drive a wedge between one of your children and his or her spouse in an already unstable marriage, this could lead to unnecessary conflict and emotional challenges.
Sibling conflict can be another concern, particularly if one or more of your children is receiving what might be interpreted as an unequal share of things.
Emotional maturity and the mental capacity of your children should also be considered as well. Many children may simply not be able to handle this kind of information. Plenty of families may feel uncomfortable sharing direct financial information about the estate plan. This becomes particularly important as longevity is increasing and it is more and more possible that you could deplete your resources significantly before passing away as a result of a long term care event.
These complex estate planning issues highlight why finding the right attorney to put together your plan is so valuable. You have unique needs and concerns, and having an advocate from the outset can go a long way. Consulting with an attorney can help you determine what is most appropriate for your family members.