After you pass, you may want your children to inherit your California home or other key assets. However, you also want them to appreciate their inheritance and the process behind the estate planning choices that you have made. Taking time to talk about your estate plan may inspire your kids to think about their wants and needs and why they should proactively manage their affairs.
Start teaching today
If your child is old enough to communicate with you, that child is old enough to start learning about estate planning. For example, you could talk to your toddler or young child about the importance of sharing their belongings with other people. You can also stress the value of caring for things so they last long enough to be passed down to others.
Talk about your estate plan
It may benefit your child to see what an actual will, trust or other estate plan documents look like and why they are important. For instance, you could tell your child that having a trust means that everyone will be cared for if anything happens to you. In addition, you could mention a plan in place in the event of a medical emergency or any other issue that might occur with little or no warning.
Give your child an allowance
Although children aren’t allowed to own property, you can still give them practice managing money. Each week, you can give them a few dollars that they can choose to spend or save as they wish. Over time, you can teach them the financial values and habits that mean the most to you and also help them learn the importance of being fiscally literate.
Using a will or trust may help ensure that your kids or grandkids have the resources necessary to survive and thrive after you’re gone. Ideally, you’ll review your plan regularly to check for errors that might delay the probate process or otherwise prevent your final wishes from being carried out.