More Americans than ever report feeling confident about having conversations around their family’s financial future. However, a vast majority of them are still avoiding communication about estate planning and inheritance issues, a study says.
Nearly 20% of adults report that it is not appropriate to share their estate planning and inheritance issues with their adult children. Up to 14% of those same individuals do not want their adult children thinking about the mortality of their parents and 25% of American adults have not even begun to think about inheritance issues. Having a conversation could help to limit misunderstandings among other issues.
Tension and other issues can emerge around inheritance if you do not have frank conversations early on. Not every detail needs to be provided to adult children, but giving them some idea of what to expect and allowing them to understand where important documents are located as well as the names and contact information of your chief professionals working with you is strongly recommended.
If you were to suddenly pass away, your family will already be coping with enough grief and emotional issues. You do not need to compound this by making things more challenging for them to find.
Ready to put together your own estate planning and get the benefit of knowing that your loved ones will be cared for if something happens to you? Contact a Valdosta estate planning lawyer now to talk options.