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Should you talk to your kids about your will?

| Mar 8, 2021 | Uncategorized

It’s not a fun conversation to have, but many parents in Texas could benefit from talking to their kids about their estate plans. Talking about your will could help your children prepare for the inevitable and get ready to manage their inheritance when it’s time. You could even give them life advice that resonates long after you’re gone.

How can you talk to your children about your estate plan?

If you name one of your children as the executor of your will during the estate planning process, it’s vital that you talk to them about the responsibilities that they’ll have. If you don’t talk to them about it, they might have no idea what to do once you’re gone. They might not even know that you chose them in the first place. Telling them about their duties and responsibilities can help them prepare and distribute your estate according to your wishes.

Talking to your children about their inheritance also gives you the chance to connect with your children and dispense some life advice. You can’t control what they’ll do with their inheritance after you’re gone, but you could talk to them about managing money and share some advice that’s helped you over the years. Decades later, your children might remember your words and use your inheritance wisely. An estate planning attorney may offer more advice on this subject.

Are you ready to start thinking about the future?

When you write a will, you’re not just preparing for your future: You’re also preparing for your children’s future. Your will could have a massive impact on their lives after your death. An attorney may help you write a will that minimizes taxes and leaves a suitable inheritance for your family members. Your attorney may also help you choose an executor for your estate.