Estate planning lets you protect your wishes and leave behind a legacy. But many people have yet to take care of this essential process.
According to a survey by Caring.com, only 4 out of 10 adults in the U.S. have created either a living will or a trust. If you have decided to move forward with estate planning, there are a few things you should tell your adult children about this plan once you finalize these documents.
1. The executor of your estate
After you create your will, let your adult children know which one of them is the executor of the estate, or if you decided to choose someone other than one of your children. One of your children may want this responsibility, or they may not want to take on this task after your death.
2. Where you keep your documents
If your children know where you keep your important documents, they will be able to move forward with the closing of your estate faster. If you have multiple children, let them all know where you keep this paperwork, instead of just one.
3. The terms of your healthcare power of attorney
Talk to your children about whether you have created a healthcare power of attorney and your wishes for end-of-life care. Inform your children about your wishes and your rationalization behind these choices.
Sit down and talk about your estate plan with your adult children sooner rather than later. Letting your children know about your plans can reduce conflict and difficulties after you die.