Name: How to ease your kids into estate planning
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How to ease your kids into estate planning

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When parents talk with their kids at the dinner table, estate planning probably doesn't come up. But considering we aren't immortal, it should. It's worth having age-appropriate conversations to introduce children to the idea of estate planning. As children grow older, parents can provide more specifics about their plans and eventually assist their children in developing their own plans as adults.If you have an estate plan in place, consider running your children through it so they have an idea of what's included in one. Camelia Ruffin , an estate planning attorney and founder of The Ruffin Firm in Douglasville, Georgia, suggests parents do a very basic outline, which includes telling children what each document is and what it's used for.Talking through your estate plan also gives your children a chance to know important information such as who you've chosen as estate executive or administrator — the person who manages your estate after you die — and who has power of attorney for financial and health care decisions. If your children will be executors, that's more reason to talk them through the plan.Parents with underage kids may want to share information about who will take care of them if something happens prematurely. Ruffin says children should know whom to turn to and what the next steps are so they're prepared."Parents either get really sick or die and they still have teenagers who don't know if it's going to be a grandparent, uncle, godparent or a family friend that's going to help guide them." She adds, "It's very important for parents to talk to kids about money management budgets, what is set aside for them, and how to make sure money lasts them as long as possible and not to run through it."

When parents talk with their kids at the dinner table, estate planning probably doesn't come up. But considering we aren't immortal, it should. It's worth having age-appropriate conversations to introduce children to the idea of estate planning. As children grow older, parents can provide more specifics about their plans and eventually assist their children in developing their own plans as adults.If you have an estate plan in place, consider running your children through it so they have an idea of what's included in one. Camelia Ruffin , an estate planning attorney and founder of The Ruffin...

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ELIZABETH AYOOLA of NerdWallet

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