Four Things You Should Tell your Children About Your Estate Plan

Parents have a hard time deciding what they should tell their children about estate planning. If you say nothing else to your children, here is a list of four things that you should start with:

1. Which child will be the executor of the estate? Tell that child that you are planning to appoint him or her as executor of your estate and then make sure that they know where the will is stored.

2. What are your long term care arrangements? Children should be aware if you do not have insurance that way they can discuss amongst themselves who can help in the future.

3. Discuss your Advanced Medical Directive/Living Will. Let your children know whether you have a living will as part of your overall estate plan. Be sure to let them know if you pre-made decisions about what you would like to happen if a tragic situation occurs.

4. Where is everything located? You should discuss with your children where you keep your important documents and where you have keep passwords to your electronic accounts so that they can access these things to wrap up your affairs after death.

You do not have to discuss your actual financial situation as long as you discuss these basic points so that your children can adequately handle your estate according to your wishes.

See What Four Estate Planning Things Parents Should Tell Their Children, Your Smart Money Moves, May 31, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.