Estate planning can be a sensitive subject, and you may prefer to keep the details of your plan personal. You may have valid reasons for this. For example, you are worried you will upset someone, you are worried people will start treating you differently, or you are afraid it may affect your children’s life choices if they find out what they will inherit too soon.
As valid as those reasons may be, it is typically better to tell people about your estate plan while you still can. Now, while you are still alive, is your only opportunity to adjust it according to the things you learn in your family discussions. Once you are gone, you can do nothing, and that day could come at any time out of the blue.
Should I tell all my kids together?
You know your family better than anyone. If you think telling one child something will lead to them talking about it, it may be best to tell everyone together. You do not want one child spreading the wrong message and upsetting the others. If your family is rarely in one place, then telling them one by one may be your only option, which can also have advantages. You can have a frank discussion with each of them, where they are free to speak their mind without fear of others seeing them in a bad light.
Should I tell them everything?
It is not always necessary to go into complete detail, but numbers allow you and your beneficiaries to make informed decisions on tax and how passing them assets in a certain way will work out better or worse tax-wise.
Before you talk to your kids, get legal help to ensure you can give informed answers to any questions they may have about your estate plan.