ARE YOU AND YOUR CHILDREN ON THE SAME PAGE WITH YOUR ESTATE PLAN?
You can probably remember telling your children countless things they didn't hear. Perhaps you taught them to drive safely, advised them to be frugal with money or explained the facts of life. Nevertheless, it may have seemed as though they weren't listening to a word you said. Regardless of your instructions or warnings, they behaved as if you had never spoken.
Apparently, nothing has changed. For example, you may have a clear recollection of a conversation about your estate plans, but your adult children seem clueless. A recent survey shows that this is a common occurrence.
Ignorance is not bliss
A lack of communication exists between parents and their adult children regarding their plans for the ends of their lives. In fact, like you, 70 percent of those responding to the survey say they have explained their estate plans to their children, while more than half of the children say the conversation never took place. Adult children also seem to miss the mark in other areas, including:
Estimating the value of their parents' estates
Understanding the final wishes of their parents' regarding their health care decisions
Knowing whom their parents would choose for executor and heirs of their estates
Knowing where to find essential documents, such as a will, power of attorney or life insurance policy
Eighty percent of parents think their children know where they keep their vital records, but fewer than 70 percent of the children can locate the documents. This information can be essential because if your children cannot locate your will, the probate laws of the state of Florida will determine who gets what.
Peace of mind
Whether you remember discussing your estate plans with your children or you've been meaning to get around to it, postponing such a serious conversation can leave your family with frustration and confusion, especially if your children live in another state. Additionally, as part of your preparation for a family meeting to clarify your wishes and enlighten your children, you may take advantage of the opportunity to review your estate plans and determine if there is a need to update or amend any documents.
Like many parents of adult children, you may take great comfort in confirming that your children are on the same page regarding your final wishes and other important questions for the future. You may also be able to impress upon your loved ones the importance of making their own estate plans.
Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.
Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.
On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.