Talking to Your Heirs About Money
One issue for people as they age is communicating with their heirs about the inheritance they could receive. Some people are uncomfortable talking to their heirs about money while others are concerned that their heirs could become lazy while they wait on a windfall. Talking with your children early about money in general and later about the money they might inherit can help your heirs become more responsible with the money they’ll receive.
Here are some resources to get you started:
> This article from Kiplinger does a good job of outlining the importance of these conversations and some steps to consider taking.
> AARP has some great resources on finances, health, and wellness. You can start with this piece on inheritance etiquette and follow the links within for additional information regarding estate planning and inheritance.
Although heirs are commonly children, many of these recommendations also apply to other heirs such as siblings, nieces/nephews, and friends. It doesn’t hurt to have conversions about money to help give your heirs perspective and to help give them the tools to increase the chances their inheritance will last.
We are happy to help coordinate a meeting between you and your heirs to discuss this important topic. Contact Debbie to schedule an appointment.
The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual. Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.
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