Broker Check

Navigating Estate Planning Discussions with Your Children

December 14, 2023

Estate planning isn’t just about finances; it’s about securing your family’s future and preserving the values you hold dear. Often, one of the most daunting aspects of this process is discussing it with your children. Whether they’re young or adults, initiating this conversation can seem overwhelming. However, it’s a crucial step towards ensuring a seamless transition of wealth and responsibilities.

1. Timing is Key: Selecting the right moment to broach the subject can make a significant difference. It might be during a family gathering or when discussing the future in general. Find a relaxed, open setting where everyone can speak freely.

2. Open Communication: Approach this discussion with transparency. Explain the importance of planning ahead and how it benefits the entire family. Be open about your wishes and intentions.

3. Listen to Their Concerns: Understand that discussing inheritance can raise various emotions and concerns among children. Listen actively and address their questions or uncertainties. It’s essential they feel heard and involved.

4. Educate and Involve: Involve your children in the estate planning process. Educate them on the basics of managing wealth and responsibilities. This not only prepares them but also instills a sense of responsibility.

5. Professional Guidance: Consider involving a professional, like myself, to facilitate these conversations. An impartial advisor can help navigate sensitive topics and provide clarity on complex financial matters.

6. Emphasize Family Values: Estate planning isn’t just about assets; it’s about passing on values and principles. Discuss the importance of philanthropy, family traditions, and the legacy you aim to leave behind.

7. Regular Reviews: Estate plans are not static. They need to evolve with changing circumstances. Encourage periodic reviews and updates to ensure the plan aligns with your current intentions.

Remember, initiating these discussions might be challenging, but the peace of mind it offers for both you and your children is invaluable. It’s about fostering a legacy built on trust, responsibility, and a shared understanding.

As your advisors, we are here to facilitate and guide these conversations, ensuring a smooth transition for generations to come.


The Evoke Wealth Team