Parents always wish the best for their children. This includes providing financial stability and independence. This does not mean that all parents plan to leave large inheritances for their children as many decide to leave smaller ones. It is also not unusual for parents to donate their estates to charity instead of passing them along to family members. It is for this reason that families should always discuss their estate management plans and expectations before any disagreements occur.
Discussions Do Not Have To Be Challenging
The conversation about inheritances does not require full disclosure of the parents’ financial situation. This particularly applies if they are uncomfortable with discussing the topic in detail with their children. The discussion should instead center on the management of expectations and explanations of final decisions. For instance, parents may refuse to leave anything to their son due to paying for his tuition. It is also fully possible that their finances are much more limited than their son assumes.
Inheritances Granted to Charities Instead of Children
Another option that some parents may consider is donating their estates to charity. This decision is particularly popular with Baby Boomers. This option allows their children to earn their own financial independence. A United States Trust survey revealed that one out of every three Baby Boomers claimed they would rather make a charitable donation instead of providing an inheritance to their children. This decision is one that should be extensively explained when discussing estates and inheritances with loved ones.
Remain Honest in Regards to Future Financial Outcomes
One important choice parents should consider is informing their children of an inheritance’s likelihood as doing so may influence decision planning. It is possible that an inheritor may undertake the responsibility of securing their own college or future finances if their retirement will be supplemented. The discussion of future financial decisions will serve to make the process of passing along personal belongings easier.
A highly-skilled estate-planning lawyer will be able to help sort through the process of asset distribution. Contact McAllen’s trusted probate attorneys of Barrera, Sanchez & Associates, P.C. by calling (956) 287-7555.