Once you reach age 60 or so, it’s only natural to start thinking about your legacy: What have you spent your life building? How can you continue to build on it? And how can you be sure it’s passed down to the next generation when you go?
Studies show that those about the age of 60 overwhelmingly want to use their financial resources to invest in their kids and their grandkids—and of course, there are a number of ways to do so.
What can be frustrating is the feeling that the investment you make in your children won’t be well-managed—and in particular, many Boomer-age individuals worry that their millennial-age children or grandchildren won’t be diligent in estate planning, potentially letting those inherited assets go to waste.
As such, one of the greatest gifts you can give to your descendant is to help them with some proper estate planning—making sure that they not only look after themselves, but also that they look after the assets you bequeath to them.
How to Help Your Millennial Children Develop Estate Plans
There are a few different ways in which you can help your offspring to get serious about estate planning.
- First, talk to them candidly about what makes estate planning so important. You can’t force them to make an estate plan, but you can lead by example, impressing on them all the reason why you’ve taken the time to create an estate plan.
- Choose your timing wisely. Frankly, it can be much easier to talk you children into estate planning once they have kids of their own. Use the occasion to be candid with them about the need to leave a legacy for their own offspring.
- Pay for an estate plan. Perhaps the most direct way for you to help your children or grandchildren is to offer to buy them an estate plan—actually paying for them to see an estate planning lawyer to put a plan together. Just make sure you are gracious in how you present this offer. Make it clear that you merely want to help them, and to preserve a sense of family legacy; don’t ever let them feel like you mistrust them or are trying to micromanage them.
- Have a joint estate planning session. Before you buy your child an estate plan, consider inviting him or her to sit down with you and your own estate planning lawyer. Lay out for them your own plans and goals, and make it clear where they fit in. This might provide a good opportunity for you to gently encourage them to continue this estate planning tradition.
- Let your child know if you update your estate plan. Or at least, inform them when you make a change that impacts them in some way. This will impress on them the need to regularly review and revise their own estate plans.
Give the Gift of Estate Planning
It can frankly be difficult to know where to begin with an estate plan—especially for those who are still quite young, and perhaps don’t think as much about leaving a legacy.
With that said, you can effectively give your son or daughter the gift of an estate plan—something that can benefit your entire family for generations to come.
That’s something we would love to be a part of. To speak with one of our attorneys about setting up an estate planning session, either with or without your kids involved, reach out to the team at Singh Law Firm today.