In a survey published this past fall, more than 1,000 participants aged 18 to 99 shared insights on their estate plans – or lack thereof. In fact, more than half said they have not consulted an estate planner regarding a trust or will.
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.
Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will. Even fewer have designated powers of attorney, a living will, or health care directives. These legal documents can help reduce the burden your loved ones face after you are gone.