How to Talk to Children of All Ages About Estate Planning
No one wants to think about death, but it’s something that we all have to face at some point in our lives. That’s why estate planning is so important – it allows you to make decisions about your estate while you’re still alive so that your loved ones don’t have to worry about it after you’re gone. If you have children of any age, it’s important to talk to them about estate planning. In this blog post, we’ll discuss how to talk to kids of all ages about estate planning, and what topics are important for them to know.
At Margerie Law, I help people at all stages of life craft custom estate plans – wills, trusts, powers of attorney, and more. For questions about this or any other estate planning topic, contact me, Milwaukee Estate Planning Lawyer Paul Margerie, today.
How to Talk to Young Kids About Estate Planning
If you have young children, you might be wondering how to talk to them about estate planning. After all, it’s not a topic that most kids want to think about. But it’s important to introduce the idea of estate planning to your kids at an early age. Here are some tips on how to do that:
- Talk about what would happen if something happened to you. This is probably the most important thing for young kids to understand. Explain that if something happens to you, there are people who will take care of them. Talk about who you have named as their guardian and why. Be sure to listen to their questions and comments and make them feel heard. This is not an easy topic to talk about at any age, but still very important.
- Talk about why it’s important to save money for retirement. As early as age four or five, kids can start to understand the concept of saving money. Explain that retirement is a time when people stop working and have more free time to enjoy life. Talk about how much money you will need to save for retirement, and why it’s important to start saving now. This might even be a good moment to help them open their own savings account or pick out a piggy bank!
- Explain what estate planning is in simple terms. Kids are likely to hear the term “estate planning” or “will” at some point, so it’s important to explain what it is. Estate planning is the process of making decisions about your estate – who will get your money and possessions when you die, who will make medical decisions for you if you can’t, etc. They will probably have some questions so don’t be afraid to answer them – kids are smarter than we think and appreciate being included in these important family conversations!
How to Talk to Adult Children about Estate Planning
If you have adult children, it’s even more important for them to understand your estate plan and how they are involved, particularly if you have named them as your personal representative, trustee, or another role. Here are some tips on how to talk to your adult children about estate planning:
- Talk about who is named as your personal representative. This is the person who will be responsible for carrying out your wishes after you die. Be sure to explain why you chose this person and why you think they’ll be good at the job.
- Talk about your power of attorney. This is the person who will make financial and legal decisions for you if you become incapacitated. Again, explain why you chose this person and why you trust them to make these decisions on your behalf.
- Discuss your funeral wishes. This is a difficult topic to think about, but it’s important for your loved ones to know your wishes. Talk about whether you want to be cremated or buried, and where you would like your final resting place to be. You might also want to talk about any specific funeral arrangements you would like, such as music or readings.
I hope these tips were helpful. Estate planning is an important but difficult topic to think about and talk about. If you have questions or need help getting started, contact me, Paul Margerie, today. As your Milwaukee estate planning attorney, I can help you create a custom estate plan that meets your unique needs and wishes. If you have any questions, please don’t hesitate to contact me today.