My wife and I have two sons, both close to 50, both married, only one with children. We are hard-working and have been financially conservative throughout our marriage, and have managed to save approximately $1.25 million in liquid assets and another $1 million in real-estate equity, though . We will leave our estate 50/50 to both of our children.
‘My son is ignorant of his and his wife’s finances, and afraid to ask if she is a spender.’ On top of this, the wife is the worst daughter-in-law imaginable . I resent leaving anything to her. We have also lent them considerable money, but his wife denies now it was a loan. Check the National Academy of Elder Law Attorneys and the National Association of Estate Planners & Councils for resources. Word of mouth is invaluable: Ask friends and extended family. Avoid any necessity for an 11th-hour paper chase after you’re gone. It will make the process run more smoothly and, given that this is a concern for you, cheaply too.
Don’t miss: I was diagnosed with Stage 3 pancreatic cancer in April — should I tell my family how I intend to distribute my estate? Ultimately, your work here is done. Your adult children should be quite capable of standing on their own feet by now. As we are approach the holidays, you might also decide to help both your sons with gifts that will pay off in the long term. You could find them a financial adviser, sign them up for workshops in personal finance and/or furnish them with some guides in their stocking fillers.
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