Are you anticipating an inheritance someday? If so, you may want to discuss it with your parents or other family members who may be leaving you the assets — because early, open communication will benefit everyone involved.
However, many people are reluctant to have these conversations. More than a third of Americans do not plan on discussing a transfer of wealth with their families, according to a recent study by Edward Jones in partnership with NEXT 360 Partners and Morning Consult. And the same study found that only about a quarter of Americans have actually discussed generational wealth transfer with their families.
Perhaps this low level of communication is not surprising — clearly, talking about wealth transfer and estate plans can be emotional. But having these discussions is important, for several reasons: Strengthening family bonds – Generational wealth transfer shouldn’t be seen simply as a transactional event. By discussing your parents’ plans and wishes, and your own expectations, you can build a sense of unity and shared purpose. And you can develop a common philosophy about how your family’s legacy goals will be carried forward through the succeeding generations.
