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Talking about inheritance can be one of the most emotionally charged and complex conversations a family can have. Yet, it’s also one of the most important. Whether you’re a pre-retiree thinking about your legacy or a next-gen professional preparing to receive one, having open, thoughtful discussions about inheritance can prevent confusion, conflict, and unintended consequences.
1. Start the Conversation Early and Normalize It
Many families avoid talking about inheritance because it feels uncomfortable or morbid. But waiting until a crisis forces the conversation can lead to misunderstandings and missed opportunities. Instead, normalize the topic by framing it as part of a broader financial wellness and legacy planning discussion. Consider bringing it up during a family gathering or a financial planning session. The earlier you start, the more time everyone has to ask questions, express concerns, and align expectations.
2. Be Clear About Your Intentions and Values
Inheritance isn’t just about money—it’s about values, relationships, and legacy. Take time to reflect on what matters most to you. Do you want to support your children equally, or do you want to tailor your gifts based on individual needs? Are there charitable causes you want to support? Communicating your intentions clearly can help your family understand the ‘why’ behind your decisions, reducing the likelihood of conflict or resentment later.
3. Get the Right Documents in Place
A verbal promise isn’t enough. Make sure your estate plan is legally sound and up to date. This includes a will, power of attorney, healthcare directives, and possibly a trust. Work with an estate planning attorney to ensure your documents reflect your current wishes and comply with state laws. Also, review beneficiary designations on retirement accounts and insurance policies—they override what’s in your will.
4. Prepare the Next Generation
Receiving an inheritance can be both a blessing and a burden. Help your heirs prepare by educating them about your financial values, the basics of investing, and the responsibilities that come with wealth. Consider involving them in your planning process or introducing them to your financial advisor. This not only builds financial literacy but also fosters trust and continuity.
5. Revisit the Plan Regularly
Life changes—so should your plan. Major life events like marriages, divorces, births, or deaths can significantly impact your estate plan. Make it a habit to review your documents every few years or after any major change. Keeping your plan current ensures that your wishes are honored and your family is protected.
Start the Conversation Early
The inheritance conversation doesn’t have to be daunting. With thoughtful planning, clear communication, and the right support, you can turn a potentially difficult topic into a powerful opportunity to strengthen your family and shape your legacy. Whether you’re passing wealth on or preparing to receive it, now is the time to start the conversation—and keep it going.
Need Help?
Whether you’re ready to get started today or you’re just exploring your options, talk to an advisor to discuss your next steps.
Disclaimer
The information provided in this article is intended solely for educational purposes. It is designed to offer insights into financial planning and family wealth strategies, aiming to enhance understanding of financial concepts and decision-making. This content should not be interpreted as personalized investment advice or a recommendation for any specific strategy, financial planning approach, or investment product. Financial decisions are deeply personal and should be made considering the individual’s specific circumstances, goals, and risk tolerance. We recommend consulting with a professional financial advisor for personalized advice
