When it comes to estates and inheritances, it helps to have a plan — one that ensures that your assets transfer as you intend. Should you involve your children in any way?
Most affluent and near-affluent investors (67%) recently surveyed by Cerulli Associates do share information with their children. (Twenty-six percent say they have provided enough information for the heirs to be considered “very well informed” of their plans. Another 41% considered their heirs to be “somewhat informed.”)
Meanwhile, when inheritors were asked when they had first learned about their own inheritances, 54% said it was when the “inheritance bequestor(s) passed away.”
Which is better? Communicating about plans or not? Does age matter? Does wealth matter?
Consider a couple in their 40s, and compare them to a couple in their 80s. Does age make a difference? Do assets make a difference?
According to Cerulli’s study, the 40-year-olds are likely to be in their “wealth accumulation” phase of their lives and “not yet thinking about what comes after.” They are more likely to wait to communicate information until they reach a “specific level of wealth than those who are older.”
Those over 60 say they will share information about inheritances when they reach a specific age (or die).
Some feel that sharing information helps avoid conflicts. “Unless these conversations are ongoing or well-documented, retention rates of nuanced details of complex subjects discussed only once are quite low. Thoroughly sharing this information and supporting rationale with intended recipients and other stakeholders may create discomfort in the short term but is an important step in minimizing costly and divisive legal battles in the future,” said Cerulli...
from News https://www.ctpost.com/news/article/julie-jason-should-you-communicate-your-final-17833008.php
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