Should I tell the kids about my estate plan?
I usually recommend that my clients tell their family about the details of their Estate Plan. This is true in the case of a child who for whatever reason may feel shorted as compared to his or her siblings, or even a child who is disinherited.
I find that this open and frank discussion with one’s family often quells suspicion, and give the children an opportunity to ask questions. I find that most Estate Contests, or at least bad feelings even when no legal action is initiated, are the result of anger after a parent dies. For example, a disinherited child who didn’t not know that he or she is to be disinherited may be angry at the parent, but since the parent is then deceased, he or she takes out the anger on his or her siblings in the form of a Will Contest. The problem is even if the other siblings prevail, as they usually will when the estate plan is properly prepared and executed by a qualified attorney, the financial and emotional costs are still very high for the family. If a disinherited child has an opportunity to express his or her anger to the parent for being disinherited, while in the short term it can of course be unpleasant, in the long term the family is often better off.
So….at Thanksgiving this year will you be talking about your desires regarding funeral and burial?
By the way, for a video and transcript of Warren Buffet’s testimony to congress about Estate Taxes click here.
-Ken