Many Hollywood films have glorified the “reading of the will.” In these scenes, loved ones learn what they will receive from the deceased party during a physical meeting with the lawyer. Most of the time, there is some surprising information, such as one person receiving a large inheritance.
In real life, you do not want there to be any surprises after you pass away. Everyone should know what they will receive in your will or trust. Unfortunately, many people are uncomfortable talking about death and money in the same conversation. However, it is a vital step to take to ensure there are no complications after your passing.
Tell children about their inheritance
Many parents do not want to talk to their kids about their inheritances because they do not want the promise of a lot of money to deter work ethic. This ultimately varies from one child to the next. This is why some parents put the money in a trust, so the kids do not get all the cash at once. No matter what you decide to do, you need to let your kids know. That way, they do not have any false impressions of what they will receive or when.
Prevent conflict later
You should talk to your beneficiaries well in advance so there are no hurt feelings later. A litany of reasons exists for why one child may receive more money than another. If this is the case for your estate plan, then you want to outline why it is the case. When you are no longer there, your children have no one to talk to about why the estate plan is what it is.
Plan this meeting properly
You do not want to talk to your beneficiaries during the holidays. This conversation can ruin Thanksgiving or Christmas. Instead, you want to plan the conversation on a neutral day because you can expect a lot of intense emotions to come out.