Some clients we work with have a hard time even thinking about discussing their estate plan with their family. So when we challenge them to share their plan with their children, we are not surprised at the less than eager responses we receive. However, communication is key, especially to the individuals who you appoint to carry out your wishes.

Consider answering these  four questions when sharing your plan with your children:

  1. Who Is Your Executor or Trustee? – Choosing one child or the other to serve in this role is not always easy, but there are reasons to do so. Making sure everyone knows today who will be in charge later and the reasons behind that choice prevent issues and questions down the road.
  2. Where Is Your Financial Information? – You don’t have to provide a full review of your finances if you aren’t ready to share yet, but letting your children know where to find the information (financial statement) or who to contact is a huge plus in allowing them to make informed decisions later.
  3. What Are Your Health Care Wishes? – Making sure your children know who will carry out your decisions and what those decisions are, especially concerning end of life treatment, will make those tough situations a little less burdensome.
  4. Where Is Everything? –  A fire proof safe in your home is our typical recommendation. It is accessible by your children and if they need an estate plan document, financial information or a password they should know where to go and how to get it.

To help keep you organized, print out our Vital Document Locator to keep track of where all your important documents are located.