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Why your kids need to know about your estate planning

On Behalf of | Jul 29, 2021 | Blog, Estate Planning & Administration |

Should you just leave the execution of your will to the Pennsylvania probate system? The court will inform your children who will get what. However, this could create a problem. Therefore, more and more adults are sharing their estate planning details with their children.

Divorce does more than just change a family dynamic

There is a good chance that you review your estate planning goals after a divorce. You might change your beneficiaries and trustees. You might also decide to sell some assets that you previously included in a will.

Let your kids know when this happens, so there will be no surprises. If you are letting go of a piece of land, tell the person who anticipated getting it. Tell all your heirs if you are changing the trustee or executor to make probate as uneventful as possible.

Explain your approach to dividing property

Keep peace in the family by letting children know that your plans for inheritance have nothing to do with playing favorites. Most importantly, appoint guardians for minor children. Also, if you own a business, think long and hard if you want to sell it or let it go to one of your heirs. Since some of the greatest conflicts will happen over luxury items, you can ask your children what they think would be a fair way of sharing them.

Work together on an equitable ownership plan

If all the stakeholders have a say, there is less of a chance that tempers will rise when the will goes to probate. Moreover, if someone disagrees with something you plan, they can say it now and work through it. In this way, you promote the peace in the family. If tempers do heat up, consider having this conversation on neutral ground with a disinterested third party.