Many parents never discuss their estate plans with their kids. Perhaps it stems from watching too many dramas where a scheming heir sets out to speed up their parent's demise in order to get their money sooner. Or perhaps it's just that they grew up believing money was not something you openly talked about.

If you intend to leave some or all of your money and things to your children then you can help them further by talking with them about it now. Here is why:

They can inform you of their situation

Maybe your child would be delighted to receive $100,000 when you die. But perhaps receiving a little of that now could be far more beneficial as it could help them settle an outstanding debt their business has, which will end up costing them far more than $100,00 if not paid promptly.

Or perhaps they would be incredibly grateful for anything you leave them but fear they will lose it all as they have a secret gambling addiction they are too afraid to tell you about. Once you know your child has a gambling habit, you could put the money into a trust that manages it for them until they have kicked the addiction.

They can help you allocate things appropriately

Maybe you have an extensive jewelry collection and three daughters to share it between. You could just randomly allocate things to each but that could lead to items sitting in drawers unworn. If you instead ask your children to point out the things they do and do not like you can ensure items go to those who will wear them.

There are many estate planning options available and learning more about them can help you create an effective one for you and your children.