Should I Talk to My Kids About Their Inheritance?
Money is a private matter that many families don’t really talk about amongst themselves. Although it might be uncomfortable to bring up the subject of money with your children, it is important to learn how to broach this topic so that they are prepared to handle the wealth they inherit when you pass away. In this blog, we walk you through the importance of talking to your children about their inheritance.
What If I Don’t Want My Kids to Know How Much They Are Inheriting?
Did you know that baby boomers are expected to inherit $12 trillion from their parents, and will also leave $30 trillion to their own children over the next 30 to 40 years? With so much wealth transferring from generation to generation, it is understandable that some parents are hesitant to tell their kids how much they will inherit.
Some parents worry that their children will lose motivation and become unproductive members of society if they know they are entitled to substantial wealth. Less wealthy parents might keep their children in the dark because they expect to use their savings to get them through retirement, future medical expenses, and end-of-life expenses.
However, when children don’t know about their inheritance, it often limits their ability to manage money and make wise financial decisions. Some children even find themselves alienated from friends and family after inheriting substantial wealth. As experienced estate planning attorneys, we have encountered countless cases involving heirs who spend their entire fortune on expensive sports cars and lavish vacations.
Most financial experts advocate for talking to your children about money. While you don’t need to go over all of your financial statements, you should at least give your children an explanation of what you expect them to do with your money after you pass away. You can also give your children a small amount of money when they are young to show them how to save and invest.
Create Your Will Today
Do you have a strong will that protects all of your assets and allows you to transfer wealth to your loved ones? At J. Roland Jeter, P.C., our team of experienced legal professionals is here to assist you and make sure all of your legal interests are covered. We provide clients in Irving with a wide range of services, including drafting wills and trusts. Come by our office today to talk about the details of your case with a skilled estate planning lawyer.
Call (972) 330-4050 to schedule your free 30-minute consultation. Our team in Irving is here to serve you.