Succeeding generations destined to inherit the family wealth and business interests need to know what to expect and what to do when the time comes. Just as important, they also need to have plans of their own regarding the action they will take when the wealthy family member passes away. When they do not know what to expect and what to do, family feuds tend to erupt.
It is not enough to just have an estate plan. That plan needs to be communicated to those who will inherit through the estate plan. A good way to start the communication is to speak with your estate planning attorney about exactly what needs to be told to whom and when.
A good rule of thumb is to communicate early and often.
