Baby Boomers who have worked hard to manage their finances have children who are of the age to either carry on their financial success and hard work or lose it all. The best gift a parent can give to themselves and their child is to help their children organize and manage their affairs.
Millennials were not raised under the same conditions as Boomers, therefore, it is understandable that Boomers can be frustrated by their lack of control over all aspect of their children’s financial lives.
To gain a bit of control in an uncontrollable situation, offering to pay for your child’s estate plan can be a helpful step to ensure that your legacy will continue after you are gone.
Consider the following when broaching the subject.
1. Communication. The right context and communication between parents and millennial children is key to avoid hurt feelings.
2. Respect. Boomers must respect boundaries once the estate plan is completed. They may have paid for the estate plan, but that does not mean they are entitled to see the child’s documents.
3. Timing. It may be easiest to bring the subject up when your child has a child or when your family goes through the loss of a family member and the need for an estate plan becomes more evident to a Millennial.
An Estate Plan should not be limited to one particular generation, it should be used to put everyone’s mind at ease, parent and child alike.