Parents say they have discussed family finances with the children, but the children say it just isn’t so.
In-depth conversations with the children about your personal finances are not happening nearly enough, according to Forbes in "The Last Taboo: Your Parents Still Won't Talk About Their Money With You."
People who are not financial experts, often have problems dealing with the complexity of handling an estate, if they have not been told beforehand what they will be dealing with and how to handle it. For this reason, estate planning attorneys normally advise their clients to have an in-depth conversation with their children about their finances.
If the children are going to be called upon to act as a power of attorney, in the event of incapacity or to administer any portion of the estate, then they need to know what to do before they need to do it.
A total of 70% of parents report that they have had detailed conversations with their children. However, only 50% of their children report that those conversations have actually taken place.
What this suggests is that while parents might be giving what they think are detailed explanations about their finances, the children still have questions that should be answered.
An estate planning attorney can guide you on the estate plan that fits your unique circumstances as well as communicating the plan.
Reference: Forbes (Jan. 31, 2017) "The Last Taboo: Your Parents Still Won't Talk About Their Money With You."