The New York Times had a recent article on talking to your children about money. As you work on preparing your wills or trusts, you may find yourself needing to speak with your children about your finances. Although the NYTimes article is geared towards talking to younger children, the tips are the same no matter if they are 7, 17 or 47. The important thing is to at least have the talk.
The things that prevent people from talking about money – shame, distrust, ignorance, defensiveness, protectiveness – can also apply when your adult children inquire about your health or when you talk to them about whether they have put plans in place for their own family.
You can make things easier on everyone by bringing the topic up in small bits here and there so they become used to it and not just announce at the next holiday dinner that you will be reviewing your estate plan with everyone after dessert. In addition, if you are uncomfortable talking about numbers with them, you can always let your children know where they can find your important documents if they need them in an emergency. You should also let them know how to contact your advisers in a crisis also.
The birds and the bees isn’t the last Talk you’ll need to have with your kids. But like that one, early and often is usually the best way to go about it.
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