Finances are often considered very personal matters, but when it comes to estate transitions certain family members may need to know what is going on. Parents in Delaware often wonder how much they should share with their children about estate planning. While it is ultimately the individual’s decision whether to share their will directly with beneficiaries, most choose to share at least some information with their children while they are still able to do so.
Whether or not people choose to share a will with their children, the document should be kept in a safe and secure place. While the asset distribution may not be shared initially, certain documents are critical to show to children. This includes power of attorney, health care representative designation or living will. It is important that children know who is able to make decisions should their parent become incapacitated.
While some people may fully trust their children with estate planning documents, others may be concerned about security due to issues with certain children. In these cases, people may prefer to keep the will out of the house. An attorney may be able to hold onto a will in these cases. Alternatively, the clerk of the court may be able to file it.
There is not an easy answer for how much children should know about estate plans. A person’s comfort level and family dynamics will often determine the best decisions. Those who have serious concerns due to the nature of their family dynamics should call a Delaware attorney to understand what options they have under the state’s estate planning law.