An estate plan is an important document to create no matter where you live, including in Birmingham, Alabama. In many cases, the estate plan will include information about your beneficiaries and your will, which may include your adult children. It is important to determine if you want to share the details of the plan with your children. This is a hard subject to discuss, but it is important, especially when dealing with the stressful process of estate planning.
What is Included in the Estate Plan?
Before discussing what is shared with your adult children, you need to understand what exactly will be included in the estate plan. This is especially true if you are still in the planning process. You will find many pieces of documentation in this plan including:
- Financial asset information
- Real estate documentation
- Power of attorney designation
- Living will and post-mortum will
What is Shared?
Now that you understand what is included in the estate plan, you need to determine what exactly you want to share with your adult children. Consider the dynamics of your personal family, however, as this discussion is truly dependent on each specific family. If there is a large inheritance coming to your children, share this information as well so that they can prepare for it. Finally, consider sharing if there is not an even split among all of the children so that everyone understands why and there are no arguments.
Estate planning is a stressful situation, that in many cases, a lawyer could assist with. One of the most stressful parts is determining your family dynamics and discussing the details with your adult children. Be sure to contact a lawyer to manage the planning process and ease negotiations with your loved ones.