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How Do I Break the News to My Kids That I’m Not Planning to Pass On Assets to Them?

December 18, 2019

Deciding to disinherit someone in your family is fraught with emotional considerations and concerns. Wondering whether or not you should inform the family member about your intention to exclude them from your estate planning can be a very difficult question to answer and one that you should discuss directly with your estate planning lawyer.

An estate planning attorney can help you put together the relevant strategies and tools to ensure that your estate planning goals are accomplished. In the event that you decide to inform your children that they are not receiving an inheritance, this conversation should be handled with care.

One common reason to decide not to pass on an inheritance to your children is because you believe that your money could serve a bigger and better purpose in your community. This doesn’t necessarily mean, however, that your loved ones will understand this decision that you have made.

If you intend to leave your assets behind to someone other than your family members, it’s important to communicate that plan now if you feel confident in your decision. Fleshing out your plan with your loved ones does allow them to be a part of the process, and ensures that you leave behind funds to pay for your final expenses. The last thing you want is to become a burden for your family financially.

You might need to adjust your estate plan in the future if you change your mind. This is why having an established relationship with an experienced estate planning lawyer can make this process easier. Explain to your children your reasons and decisions behind opting to pass on an inheritance or assets to other organizations or people than them.

This clears up expectations, but it doesn’t mean that this conversation will be easy. Discussing your missions, values and goals for your assets after you pass away can help your loved ones better understand the decision you’ve come to.        


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Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more