How to talk about money with family

How to talk about money with family

| Sep 14, 2017 | Estate Planning |

It isn’t uncommon for Ohio residents to have issues talking to their family members about the financial aspects of an estate plan. However, failure to do so could have a profound impact on their parents, spouses or children. Among the topics that should be discussed with family members include what is contained within a will and who should make end-of-life decisions if an individual is mentally incapacitated.

The best way to have a successful family discussion about money is to be honest and open. Individuals should focus the talk on what is most important to them and focus on their values. This is because most discussions about finances tend to be discussions about the values a person and a family have. This is convenient because most people find it easier to have a conversation about family values than they do about money.

The relationship between an individual and his or her heirs may determine how the conversation takes place. For instance, it may be easier for some families to have discussions individually with heirs while others may decide to have everyone in the room for a single conversation. How a person views money may also decide if each heir gets the same inheritance in the future or if each heir gets an inheritance based on that person’s needs.

Creating an estate plan may be just the first step in making sure a person’s last wishes are fulfilled. It may also be necessary to review that plan and communicate what it is intended to do to friends and relatives. It may be a good idea to have a family meeting or other regular conversations about how a person wants to be remembered and how assets can be used to achieve that goal.