Thinking of your own mortality can undoubtedly be unsettling, but despite the fact that it may not be the most pleasant conversation to have, it is important to discuss your final wishes with your children. If you plan to leave behind an inheritance for them in the state of New York or elsewhere, they should be aware of the broad outline. Here are some suggestions that can help you start this much-needed discussion.
Request an informal family meeting
Gently approach your children about this sensitive topic. You may want to start by asking for an informal family meeting. Ideally, everyone should be available so that no one feels left out and there is no need to repeat the information. At this time, you can explain to your children the reason for the meeting, that you would like to discuss your their inheritance and your last wishes.
Inform them of your accounts
For many, assets are in multiple accounts. If you have, for example, various savings and retirement accounts with multiple financial institutions, it would be best to let your children know. You should remember that you are under no obligation to disclose the amount in the accounts. This may cause some anxiety, and the account balances may change drastically over your lifetime.
Also, in order to relieve your family of the burden, prior to the meeting, you may want to consult with an estate planning attorney. They can help you better prepare for the conversation by getting your will, funeral preparations and final wishes together so that you can discuss them with your family.
Preparing for a conversation about your final wishes and the inheritance you plan to leave behind may never be easy. Despite this, with the proper preparation, you can convey your wishes to those you love and ease future uncomfortable circumstances after your departure.