Essential Tip for Writing a Will That Protects Your Loved Ones

Tips from Warren Buffett:

“When your children are mature, have them read your will before you sign it,” Berkshire Hathaway CEO Warren Buffett wrote this week in an unexpected letter to shareholders. Buffett, who has been in the top 10 lists of billionaires for decades, included the advice as part of an announcement about his latest donations of Berkshire shares to his family's foundations. Several estate planners agree with Buffett's suggestion.

“In my experience, I have seen bad things happen when children are surprised,” said Lawrence J. Macklin, president-elect of the National Association of Estate Planners & Councils.

"Most parents want to treat their children equally, but some find that it's appropriate not to, for whatever reason—maybe one child has been very successful and the others are not."

Buffett, 94, said that he'd seen families brought closer together by discussing a wealthy parent's will before their death. He's also seen families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry.

Talking frankly with heirs can lessen feelings of resentment or jealousy that arise when a child is caught unawares after their parent is dead, experts said.

You can nip that in the bud by having that conversation ahead of time.

Having money discussions a generation or two ago was a no-no, but now I think it's much more widely accepted and done.

Talking about medical treatment and who will be in charge of making decisions and the distribution of assets without conflict is a serious matter.

"For example, if I owned a piano, it wouldn’t make sense to leave it to a child who doesn’t play, especially if another child took piano lessons growing up.” This could and would likely be a cause for conflict.

Discussing sentimental objects early on is important. "Mom promised me this" or "Dad promised me that." These conversations often occur after the fact, but they can be addressed together when we meet as a family before signing the will.

Once again, Warren Buffett is one pretty smart dude.