When people in Indiana finally get their estate plans in place, they probably feel a sense of accomplishment. And they should—thinking through an estate plan and getting it all set up can be difficult work for some people, although it doesn’t always have to be. And, of course, when you have your estate plan in place, it is important to remember to keep it updated for any impactful life changes.
But, can you do more? A recent news article noted how it can help for parents to talk with their children about estate plans—even when those children are young. Doing so can help prepare children for important “real world” tasks that will need to be accomplished sooner rather than later. And then, when the children are adults, the article mentioned how important it is to actually walk through your estate plan with them since, for the most part, those children are probably important beneficiaries of your estate plan.
Discussing your plan
Some people, for some reason, are reluctant to discuss their estate plans with anyone, including their own children who will be the ones to receive assets that are passed on. There can be a whole feeling of secrecy when it comes to estate plans. But, in reality, communication is key.
If you already have an estate plan in place, good for you—that is a major accomplishment that, quite frankly, many Americans never get around to. But, think about how you can help others, including close family members, to consider the importance of accomplishing the same goal.