You Don’t Want to Disclose Your Finances?
What? You don’t want to share all of the details with your adult children?
Well, the good news is that you don’t have to disclose all of those financial and legal details, if your estate planning documents are in order.
Life gets complicated. Many families are blended. Some family members may be estranged. Or, you may have no intention of leaving anything of value to your children. Every family is different. You may have very valid reasons for not disclosing the details to your children.
Money issues are the number-one rated conflict between young adults and their parents. It is estimated that in the United States alone that during the next 30 years, $68 trillion will be transferred on to heirs. The expectation of a trust fund or large inheritance can do real damage to your child’s drive to make it in the world on their own terms. The heirs often see this money as a safety net and their road to retirement.
So often today, adult children live thousands of miles away. When you do have a visit, do you want to spend your time discussing your affairs and keeping them up to date on any changes in your circumstances? Probably not.
If you have your affairs in order, it is perfectly okay to choose to not share the contents of your will or trust and the specifics of your finances with your children. But you should reassure your family that you do, in fact, have a plan and a valid will in place. With a willandaway.com account, you can explain all of the details and your executor can access the information from anywhere in the world when the time comes.
Frankly, if we knew how our health would be and how long we are going to live, it would be easy. But the truth is, we don’t know. Once you retire, you could easily live another 30 years. It might take all of your hard-earned savings to take care of yourself and your spouse. You might even be taking care of your own parents. We are the only species that knows death is coming, just not when.
Check out www.willandaway.com which will guide you through the process of answering those hard questions about your messy life and what your wishes are in case of disability, disaster or your death.
Life is uncertain. Gain a little peace of mind with Will and a Way. Information shared here is not to be taken as legal or financial advice. Suggestions and resources are presented for your consideration and may or may not apply to your personal situation. Please consult your advisers.
Information shared here is not to be taken as legal or financial advice. Suggestions and resources are presented for your consideration and may or may not apply to your personal situation. Please consult your advisers.