Many parents spend a lot of time, energy, and money preparing estate plans intended to provide security for their children and grandchildren. While it’s common for parents to conduct numerous discussions with advisors in order to create a plan that will transfer their estate as smoothly as possible, they often neglect to hold similar conversations with their children.
When planning to pass your estate on to your heirs, it is important to consider how they might handle the new responsibility of receiving an inheritance. Parents may believe that the inherited estate will be used responsibly to help their children and grandchildren pay for furthering their education; to make it possible for one parent to stay home with young children; to ensure a secure retirement, or to be put to other responsible, sensible uses. The assumption that children share the financial values of their parents, however, may not be valid.
While death and money are often uncomfortable subjects for discussion between parents and children, it is important to bring these topics up. Avoiding these conversations can jeopardize even carefully crafted estate plans To be certain that your children are prepared, you may want to include them, if they old enough, in the process of planning your estate. The more they know about what to expect, the more prepared they will be.
To learn more about New York elder law, New York estate planning, visit http://www.elderlawnewyork.com
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