A recent survey conducted by Princeton Survey Research Associates International (PSRAI) indicates that just over 55% of American parents have a basic estate plan. Of those surveyed, over 54% don’t know the location of their parents’ estate plan, and 58% don’t know the contents of their parents’ estate plan.
Estate planning can be a very a sensitive subject. It requires you to consider your own death and the distribution of your hard-earned assets. Not a popular combination for most folks to think about. However, estate planning conversations are necessary in order to prepare your children for what is to come.
Having a conversation with your children can provide you with the support and assurance that you are taking the right steps with your estate plan. Most likely, your children will be your beneficiaries and/or your personal representative(s) or successor trustee(s). Talking to your children about their role in your estate plan accomplishes three basic things:
- It helps you identify with confidence which of your children is best suited to carry-out your wishes after you’ve passed,
- It helps you clearly explain your intentions and desires, which can help diffuse any potential future conflicts, and
- It gives you the opportunity to tell your children the location of your estate plan and other important documents.
The conversation doesn’t need to be in great detail; quite the contrary, an estate plan is a private matter. Nevertheless, a basic conversation will give your children the road map they need to help ensure your wishes a carried-out, while reducing their stress and saving them time.
Contributed by Morris Hall, PLLC Phoenix Estate Planning Attorney, Darren L. Richardson.
About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.