Generally no one wants to talk about death and this conversation might be especially difficult and uncomfortable to have with your children. However, it is vitally important to discuss your estate plan with your children and explain why you have chosen to do things in a certain way. This will provide insight to your children, which they won’t have if you never have this conversation with them. It will also provide them with an opportunity to ask any questions they might have before you are no longer there to answer their questions. By making your intentions and wishes known to your children it could avoid any negative feelings, or worst case scenario litigation, that might result from any surprises in your Will.
For example, a mother left all her jewellery to her daughter in her Will and her son was very upset about it because there was a specific piece of jewellery which he remembered his mother always wearing that was very sentimental to him. If his parents discussed the reasoning behind their estate plan and wills with their children he would have been able to tell her what this specific piece of jewellery meant to him and she could have explained why she left it to her daughter or changed her will.
Some minor children have asked their parents the question of what will happen to them should their parents no longer be alive. It is important to have this discussion to put their minds at ease and to provide them with the comfort in knowing who you have appointed as gurdians and that they are nominated in your Will.
Should you have a family business it would be valuable for the next generation to understand where the business came from, the hard work it took in the early days to set it up and become profitable, what the goals and objectives were for the business, and how they can become part of the business as the next generation.
Fidelis Vox provides Family Charter Workshops where we facilitate these and other difficult discussions with your children. A Family Charter is often formulated in these discussions. Structures, the estate plan and investment decisions are made to align herewith thereafter. Kindly contact Tamryn de Villiers at tamryn@fidelisvox.co.za for further information on the above or if you would like assistance with any aspect thereof.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)