Tips to successfully transfer your wealth

Avoid postponing family legacy meetings

There are several reasons to not put off these important discussions.

Sure, it’s human nature to think, “I’ll get to it one day” or “I’m young and don’t really want to talk about my death.” While these can be tough discussions that stir up an array of emotions, they’re a great way to prevent speculation or false expectations about your intentions before it’s too late.

At some point, you’ve probably heard stories or seen movies about an estate that isn’t distributed equally. A favorite child or grandchild gets more than others and positive family dynamics are disrupted. Legacy meetings go a long way in creating clarity around your decisions and helping family members remain united.

For example, let’s say you plan to support one grandchild by paying for culinary school. You respect their passion and want to help them pursue it. But your other grandchild isn’t pursuing education. Do you plan to give them the same amount of money to put toward something else like a car or home? Or do you feel that these goals should be financed independently?

Having up-front conversations about your legacy plan can help your family understand and respect your wishes.