Do you discuss your finances with your nearest and dearest? In many families, having a frank discussion about wealth still remains a taboo

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However, with younger people needing to learn the money management skills that will stand them in good stead throughout their lives, and the older generation often requiring help with their finances in their later years, it’s important for children and parents of any age to be able to communicate effectively about family wealth issues.

Overcoming the barriers
Some families find it difficult to discuss wealth. It’s not uncommon even today for married couples not to know how much money their spouse earns. Well-off parents can sometimes shy away from letting their children know too much about their wealth, in an effort to prevent them becoming complacent about what they might inherit in the years to come and losing their work ethic. Older people don’t always like to dwell too much on the future, finding it difficult and distressing to raise issues about death and inheritance with their loved ones. However, taking the time to discuss

important financial matters with other family members will help to ensure the right financial plans are in place to safeguard family interests.

Here to help
Openly discussing wealth matters with your family can help establish priorities, clarify goals and ensure plans are put in place to support each generation according to their financial needs. We are increasingly being asked to be part of these conversations, not least because it’s often easier to start the conversation with the help of a third-party professional to help get over the possible awkwardness of how to start the conversation.

…taking the time to discuss important financial matters with other family members will help to ensure that the right financial plans are in place to safeguard family interests

Many people believe that establishing an up-to-date Will is all that needs to be done to put in place financial arrangements, however this is often only focuses on the major formalities of estate planning.

Communication is key and our “When I’m Gone” Guide deals with the softer aspects of one’s estate. It can be the starting point towards a more open understanding with the family and hopefully leading to an appropriate outcome for all.

By Philip Harper  |  July 2019