Estate Planning for Families: The Conversation You Need to Have With Your Children

Estate planning isn’t just about documents — it’s about communication.

Talking to your children about your health, finances, and long-term plans may feel uncomfortable, but it’s one of the most important steps in protecting your family and preserving peace of mind.

At Penny Lane Financial, most of our clients tell us they know estate planning conversations are important. When we host our Will Awareness seminars, the majority of attendees agree that discussing their wishes with their children is essential. Yet many also admit they haven’t clearly explained their plans or outlined what their family should expect.

Often, the hesitation comes from good intentions. Some parents worry about creating tension. Others feel uncomfortable discussing finances. And many simply assume there will be more time in the future.

Read our blog: "Talk Estate Planning: Tips For Aging Parents"

But estate planning is about much more than inheritance. As we age, health considerations become just as important as financial ones. Your family should understand:

• Your wishes regarding medical care and end-of-life decisions

• Who holds power of attorney if you are unable to make decisions

• Where important documents are located

• Who to contact in the event of an emergency

Even the most carefully prepared estate plan can create confusion if it isn’t communicated.

A helpful approach is to treat estate planning as an ongoing conversation rather than a one-time discussion. You don’t need to disclose every financial detail. In fact, many productive conversations happen without discussing specific dollar amounts. What matters most is clarity around your intentions and expectations.

Before starting the conversation, make sure your own plan is organized:

• Is your will or trust current?

• Have beneficiaries on retirement accounts and insurance policies been reviewed?

• Do you have updated healthcare directives?

• Have you considered how your home fits into your long-term retirement strategy?

Read our blog: "Planning Ahead With Long-Term Care Options"

For many families, the home is both a financial and emotional asset. Some parents plan to leave it to their children, while others may downsize or use home equity as part of their retirement plan. Discussing these possibilities early can help prevent misunderstandings later.

It’s also important to remember that your retirement savings are meant to support you first. While leaving a legacy may be a goal, circumstances can change. Setting clear expectations provides reassurance for everyone involved.

At its core, estate planning is about communicating your values. Whether that includes supporting family, maintaining independence, or preparing for healthcare decisions, sharing the “why” behind your plan can bring unity instead of uncertainty.

Read our blog: "Beneficiary Designations: 5 Mistakes to Avoid"

At Penny Lane Financial, we encourage families to approach estate planning with clarity, compassion, and thoughtful preparation. The earlier these conversations begin, the more confident and aligned families tend to feel.

Contact us to start planning