If you have a sizable estate that you’ll be leaving to your adult children, your children probably need estate plans of their own. To encourage them to plan, consider these tips:
Explain why estate planning is important. You don’t want to dictate what they should do, just emphasize the need for estate planning. When your children encounter major life events, such as marriage, divorce or a child’s birth, remind them to review their estate plans.
Coordinate estate planning across generations. If you have a substantial estate, you may want to coordinate your planning efforts with your children’s plans. For instance, if your children also have substantial estates, they may prefer that their inheritance be distributed to your grandchildren instead. A coordinated effort can help minimize taxes.
Encourage your children to get important estate planning documents in place, such as a will.
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