Billionaire investor Warren Buffett has a simple estate planning suggestion: Talk to your kids about your estate plan. “Be sure each child understands both the logic for your decisions and the responsibilities they will encounter,” he stated in comments released last month to shareholders of his company, Berkshire Hathaway.
Providing family members with insights about your decisions is a gift. This holiday season, talk to your adult children about the following:
- Healthcare directives
- Investments and stocks
- Philanthropy and charitable giving
- Legacy and values
- Financial planning
- Asset distribution
- Real estate holdings
- Beneficiaries
- Businesses
Not sharing details about your plans may leave loved ones unprepared. Moreover, engaging in a dialogue with loved ones now allows adult children to ask follow-up questions and help clarify any confusion with regard to your intent and wishes. Having conversations about your plans with your adult children can also provide everyone with peace of mind.
Being open, honest, and clear about your estate plans provides an opportunity for you to explain the reasoning behind your decisions, address any concerns, and reassure others about the future. With everyone together, you can protect your family and ensure your wishes are honored.
The Law Offices of Max J. Paul approaches each client with professionalism and personalized attention to achieve your objectives. Our comprehensive estate planning tools and probate administration serves clients no matter where they are in life. As a South Florida-based law firm specializing in estate planning, probate, trusts, and wills, we ensure your needs are met and your wealth is preserved.
Wishing you and your loved ones a healthy, happy, and joyous holiday season!