Talking about inheritance with your kids’ doesn’t have to be hard with this guide.
Talking about your kids’ inheritance with them can be a hard topic to navigate. However, the longer you put off the conversation, the less time you will have to discuss it with them. To help make the conversation as easy as possible, keep this guide in mind.
If one child has special circumstances
It is not uncommon for families with multiple children to have one child that has issues with money, which could stem from emotional, physical, or behavioral habits. Having a separate conversation with any of your children who have special circumstances can help to make the conversation much easier.
Consider your personal property
Over the years, you may have collected a lot of personal property. From jewelry to furniture, make a plan of what is going to happen to everything you own. Even items that don’t have much monetary value may have sentimental value, which can lead to issues when it comes to dividing everything up. Make sure you give everyone a chance; share stories about special items that mean a lot to them to help foster a cooperative relationship.
Family estate planning meeting
If you have not already had a formal meeting with an estate lawyer, do so as soon as possible. Have your lawyer write a formal summary of your estate plans that can be distributed to your heirs. Make sure you are open to any questions or concerns your heirs have about your estate plans to help them feel more comfortable about your plan.
For all of your insurance coverage needs to help keep your finances in check, contact the experts at Hoffman Brown Company in Sherman Oaks, California. In 1961, Bernard “Bud” Brown and George Hoffman came together to form Hoffman Brown Company. This partnership established the simple founding principle that still guides our business today: “Do the right thing, every day.”