Five Reasons for Parents to Reveal Estate Plans

The Wall Street Journal discusses reasons why parents should discuss their estate plans with their children, giving five reasons for doing so. The article begins as follows:

For many parents, the idea of speaking to their adult children about what’s in their estate plan is about as appealing as having the “sex talk.”

After all, few parents want to dwell on their mortality—a subject that may also make the children uncomfortable. Parents may also dread sparking family squabbles about who’s getting what, or worry that once the children know what’s coming to them they’ll become entitled, unmotivated heirs.

But the benefits of getting everything out in the open can be enormous, both emotionally and financially, some advisers say. Telling children ahead of time what to expect allows parents to explain their decisions and it allows the children to plan their lives accordingly. Plus, feedback from the children can be an eye opener, prompting parents to make wiser decisions about their wills. And there may be a tax benefit in some cases.

Of course, full disclosure may not be right for every family, for any number of reasons. But for those who think it might be worthwhile, here are five reasons for parents to tell their children what’s in their wills before they die.

Reasd more at  Five Reasons for Parents to Reveal Estate Plans – WSJ.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.