Parents often think they should avoid talking to their kids about money, even when it comes to a will and an inheritance. They somehow think that this is a taboo subject, something that is off limits, because how much money a person has is considered personal. Additionally, both children and parents may be afraid to talk about it because it also means talking about a time when the parent has passed away.
However, experts do say that communication is crucial. It can help you avoid family drama and keep your children from running into problems with each other after you pass away.
For example, you may be thinking about not splitting the money up evenly. Perhaps two of your kids are responsible with their money, but the third simply is not. Maybe he or she struggles with addiction or has always burned through bank accounts quickly. You don’t feel comfortable splitting the money up evenly or perhaps you’re thinking of using a trust to control the third child’s spending.
If so, this is definitely a conversation it is best to have up front, so that the third child knows what is coming and what to expect. You can then talk it through in advance and limit disputes over an “unfair will” in the future. This isn’t the type of thing that you want to have be a surprise, especially if the children just assume they’ll all get the same thing. Not talking about it leads to these assumptions.
These are just a few things to consider when crafting a will. Be sure you take the time to look into all of the legal options you may want to use in Arizona to make the perfect will for your kids.
Source: Next Avenue, “How to Talk With Your Adult Kids About Their Inheritance,” Lori R. Sackler, accessed Aug. 29, 2016