Finding the balance between your children knowing how much they will inherit and letting them accomplish things on their own, can be a challenge.
If parents have money and plan to pass it on to their children, it is important to let them know about the plans without changing their life goals, according to The New York Times in “How the Wealthy Talk to Their Children about Money.”
If the parents do not talk to their children about their wealth and likely inheritances, then the children might not be ready to receive the wealth and be incapable of properly managing it.
Wealthy parents need to work with estate planning attorneys to create a wealth transfer plan that works for their family’s unique circumstances. This gives parents something specific to talk to their children about.
The conversation with the children should occur, when the children are ready to receive the news without it changing their own goals in life.
When that time should be, will differ for every family. Most often, however, it will be when the children have already established their own careers and families.
The conversation does not need to happen all at once. Children can be told incrementally, as they are ready to receive more and more information.
An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances.
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