Advice on Speaking to Your Adult Children About Their Inheritance

Many transfers of wealth from one generation to another endup failing because heirs are ill-prepared to inherit money.  Most parents would rather not discuss moneywith their adult children, but avoiding the topic will often result inconflicts among family members when probating an estate. 

The best way to ensure a successful transferof your estate, and to avoid possible will contests, is to have a family estateplanning meeting to educate your children on what they can expect in your willand what roles they might play in managing your estate.  In this meeting, you should discuss anyuneven inheritances, the division of personal property, and where importantdocuments are located.  The best policyis to treat your children equally in the will, but sometimes there are childrenwith special circumstances that may need more financial assistance.  By disclosing this and your other estateplanning moves with your children sooner rather than later, you can mitigateany potential conflicts down the road.

See Lori R.Sackler, How to Talk With Your Adult KidsAbout Their Inheritance, Huffington Post, Apr. 6, 2013.

Special thanks to Brian Cohan (Attorneyat Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to myattention.