Let’s just cut right to the chase on this one – YES, you should discuss your estate with your kids.

Trust provisions limiting distributions over time at the discretion of and with the oversight of a trustee are helpful.

Trust provisions providing for incentives for doing things you want your kids to do will express your wishes (and probably result in them sleepwalking through the things you want them to do).

And there’s no better way to prepare your kids for a future inheritance and instill your values and philosophies around it than actually talking to them about it.

Why?

It’s pretty simple.

By communicating with your kids they can ask you questions and you can give thoughtful answers… and then they can ask more questions when what you tell them doesn’t make sense. :)

By communicating with your kids they can be prepared for what happens when you’re gone, instead of having tons of questions and no answers.

And, by communicating with your kids you can teach and show them the importance of thinking ahead to take care of these things.

Having no plan and talking to your kids probably isn’t enough (because no one wants their 18 year to get a big fat check).

Having a plan and not talking to your kids is better, but may still fall short (by the way, I’m not saying you HAVE to talk to your kids about this stuff, just that it’ll help).

Having a plan and talking to your kids gives them all the tools they need to thrive when you’re gone.

So, think about it.

And don’t wait until it’s too late.

That’s it for today!

Cheers,

Christopher Small
Founder/CEO
CMS Law Firm LLC

PS – we love referrals! If you know someone that could use our help, please let them know about us!

PPS – I’m excited to announce the additions of a couple new members of the CMS team! More to come next week!