Despite this, many families avoid the topic of estate planning. A 2025 study found that nearly half of parents haven’t talked with their adult children about inheritance, and 68% haven’t shared essential details of their estate plans. In this guide we’ll review the importance of proactively discussing your financial intentions and expectations with your family and help you navigate the Great Transfer of Wealth with clarity and confidence.
Why Wealth Transfer Conversations Matter
When parents avoid talking about inheritance, misunderstandings can grow and financial plans can become harder to carry out. Experts agree that starting an open dialogue with your adult children about your long-term financial plan can help reduce stress, prevent confusion, and ensure your wishes are understood.
Common Barriers Between Parents and Adult Children
Even when families want to talk about financial planning, it can be hard. Here are some common challenges you may face:
- Discomfort: Those on both sides of the coin may feel uneasy talking about inheritance. Parents may feel private about their finances, while adult children may struggle with the emotional reality of their parents aging or worry about appearing impatient or entitled.
- Uncertainty: Many parents simply don’t know how much money they’ll be able to pass down. Market changes, healthcare costs, longevity, and life events can all affect long-term financial plans, making it difficult to answer inheritance questions with certainty.
Good communication doesn’t have to be complicated. These strategies can help make conversations about wealth planning more comfortable and productive.
1. Schedule a family discussion. Instead of waiting for a major health event or life change, choose a calm time to begin talking with your adult children about your financial plans. And don’t feel like you have to cover everything at once. In fact, brief, periodic discussions can feel more manageable and help reduce misunderstandings over time. By having these conversations regularly, your family can become more comfortable with the topic of inheritance and find it less overwhelming.
2. Use a financial advisor. Having a financial advisor join your estate planning discussions can help keep things calm and clear. They can explain tricky terms, guide tough conversations, and make sure everyone gets a chance to speak. With a neutral person in the room, families often find it easier to stay on track and avoid emotional tension and confusion.
3. Share both numbers and intentions. Talking about wealth means more than sharing financial details. It’s also important to explain what the money is meant to do. Whether your goal is to provide financial security, help with education, or give back through charitable causes, sharing the purpose behind your plan with your loved ones can make it easier for them to understand and carry out.
4. Communicate updates. Remember that life changes. New grandchildren, medical needs, and financial growth can all impact your estate plan. This is why recurring family discussions are so important. Regular updates help keep everyone on the same page, reduce surprises and build trust over time.
A Confident Path Forward
Wealth transfer is one of the most significant financial events a family will experience. With a historic amount of wealth expected to change hands in the coming years, open communication has never mattered more. Simple, honest conversations with your loved ones can reduce stress, protect relationships, and help ensure your plans are carried out as intended.
And remember that your family doesn’t have to navigate these discussions alone. A trusted financial advisor can help guide the process, answer questions, and keep conversations focused on long-term goals. If you’re interested in working with an estate planning expert, contact BankFive today to learn how we can help.