This is a difficult subject, but fortunately it is one for which there is much advice. Consider a recent Kiplinger article titled “The Family Money Talk You Must Have.“
That article gives both pithy advice and stories to back it up. The key lesson is to stop avoiding the topic, but to engage it head on. There are many reasons to avoid the family wealth and estate planning topic. Every family has its own dynamics.
Maybe you do not know how to say there is an “estate.” After all, you may have kept your financial condition close to the vest over the years. All the same, what is unknown cannot be planned, either by you (the one establishing the plan) or by the heirs who will receive it.
Well, how do you get there and how does the rest of the conversation go? Good questions to ponder. Remember, the answers depend almost entirely on you, your family, and the assets to discuss.
