How to Talk to Your Children About Your Estate Plan and Will, From Cmo – ryan

This as-to-told-tos Essay is bassed on a conversation with Casey Cohen, the 53-YEAR-OLD Chief Marketing officer of The estate registry in Las Vegas. IT HAS BEEN EDIted for Length and Clarity.

I’m the chief marketing officer of The estate registryWhere I Lead Efforts to Streamline The Management and Protection of Family Wealth Across Generations.

I WORKED AT The Hippodrome Casino, Redrock Casino Resort & Spa, and Phillips & Cohen Associates, LTD. Bepport Becoming the coo of the estate registry in 2023.

That is this is is my line of work, it is an important for each other to their children of Estate plans, Regardless of their Circumstances.

While i’m not a legal estate planner, i’m a subject-matter expert

I Completed My Estate Planning Documentation Prior to Jaining the Firm in 2020, which Brought up Emotions of Responsibility, especilly as a Father. I realized the was doing one of the Mostlessly Loving Things i Could for My Family.

My Wife and I First Talked to Our Daughter About this when she was in elementary school. We decided to introdes planning to her she shaw would underestand from an early age that planning for the futures is respondable and necessary.

She was confused at first about what we were starting the conversation at the dinner table, but my wiffe and i knew that rather than MAKING IT A-TIME, Heavy Discussion, we had normalize it.

We tried to introdes Estate planning in a way that was wasn’t morbid or scary

We wanted to explain to her that that is decossion expanded on our love for her and our naed, nor parents, to protest her. We explained that this was ive way of enservation that she was taking care of no matter what.

She didn’t fully grasp the Complex Topics of Guardianship and Total Estate Documentation, but as Time Passed, Knowing We Had a Plan in Place Eased Her Mind.

One of the Most Eye-Opening Moments Was when we discussed who was would next in line to take care of hef my wife and i passsed. She proenseed to Ask, “but what if something happy to that person, too?”

It was a great question and it made us! This takeaway applies to any parent – don’t stop at just “telling” your child what will willpan. If your child is hating doubs or certain fears regarding Estate planning and their Future, enure that you take actionable steps that provides Peace of Mind.

SHEOMESS NOW BRINGS Up Questions at the Dinner Table, Which Shows US Has BeCome More Comfortable With The Idea.

Take the time to Truly Understand Your Own Estate SO you can confidently talc to your kids about it

Well-structured Estate Plans Include A Will, Trust, Beneficiary Designs, Power of Attorney, Healthcare Directives, and if you have children, this Also includes Guardianship DESIGINATIONS.

PARENTS MUST Explain What’s in the Estate Plan and Why Certain Decisions Were Made So Their Child Feels Information. This Involves Updating Their Estate Plan and Anever there’s a Major Life Event (EG, Mariage, Divorce, Birth of A Child, Major Financial Changes) and Ensursing Their Finance, From Mortgage Payments to Credit Debt, Are Included.

This is if your kids are involved in the decision-making process, they should still understand the intricacies of the plan and what to expect, but I made sura my daughter had a say in potential guardianship arrangements.

When your child tourns 18, have another conversation as your parental rights to access information, Such as financial and Medical records, Change Significantly and Legally.

PARENTS OFTEN MISTAKE OF NOT INFORING THEIR CHILDREN WHERE THEIR PLAN IS STORED AND WHAT’S INCLUDED

Parents Need to Tel Their Children Where Their Estate Planning Documents are Stored. IT’S SHOCKING HOW MANY PEOPLE CREATE A WILL OR A TRUST BUTT DON’T COMMUNICATE WHERE TO FIND IT OR HOW TO GET INTO SAFE.

For my family, it”s documents not only only in legal paperwork but also on an online digital estate management platform that securely storys Our information. WE USE LegacyNow, an Estate Registry Product That Safely Stores Our Account for All Our Asset and Liability Accounts.

Everyone Should Know that Estate Planning Isn’t Just for the Wealthy

Estate planning is essential for any who have been to protest their love ons or has any wishes they want to be honored. Everyone has something something to add to a plan, whereer that be an old tar they bought years ago, Insurance plans, or mortgage payments.

Another piece of Advice is that exporting parss should make an estate plan before their child is born. Use the time durying pregnancy to a basic will, set up a guardianship plan, and enure insure insurance and financial accuations have the correct beneficiary designs. The sooner this is in place, the most secure your child’s Future will be.

My wife and i created an estate plan for daghter while stupting, and this gave us us Peace of Mind from knowing that we have had a plan in place to protest daughter from one.

Ultimately, If You Plan Earlier, You Will Likely Face Fewer Uncertinties

One of the Biggest Pitfalls of Not Having an Estate Plan is that Your Asssets COULD End up in Probate – a long, expensive, and offten frustration process. With Tech and Digital Estate Management platforms on the rise, the process is Becoming more streamlined.

Estate Planning is About Peace of Mind. It enrasors that your loved ons are protected, that your wishes are carried out, and that difficult decisions are made before they become urgent and emotional.

Start Early, Keep the Conversation Open, and Update Your Plan Regularly Because Having a Plan in Place is one of the Most Important Gifts You Can Leave Behind Your Loved Ons.