Monday, August 4, 2014
Many people are reluctant to talk about inheritance with their families, and a report by UBS confirms why. It is easier for people to have a will than discuss the will with their children and harder to tell them about the assets.
Clients typically don’t talk about inheritance with their children for four main reasons, “They don’t want to confront dying. They are uncomfortable disclosing financial matters to their children. They don’t want their children to know how much they’re going to receive, lest it curb their motivation. And they are concerned about the heirs’ financial acumen.” While these excuses may be refuted, there is a bigger issue making the topic of inheritance more anxiety laden. “We just lived through an incredible era of wealth accumulation that is going to turn into one of the biggest topics out there today, which is how much money is going to be passed on from parents to heirs.” For this reason, there is a critical need to plan more effectively and communicate amongst family members.
See Paul Sullivan, What’s Almost as Certain as Death? Not Talking About the Inheritance, The New York Times, Aug. 1, 2014.