According to the consulting firm Accenture, boomer parents will be distributing about $30 trillion to their millennial descendants over the next 30-40 years.
Martin Halbfinger, a private wealth manager at UBS Wealth Management, outlines four main reasons why families are hesitant to discuss the $30 trillion elephant in the room:
- People tend to avoid discussing the uncomfortable subject of death at almost all costs.
- Parents are resistant to disclosing their financial affairs to their children and other heirs.
- Parents don’t want their children to know what they might receive on the chance it might cause friction between siblings.
They are concerned about how their children handle money and hesitant to create expectations.
The same basic elements make up most estate planning processes: a will, one or more trusts, the assignment of an executor for the estate, and a living will or medical power of attorney. Here are some suggestions for putting the pieces together for your heirs.
1. Make sure that your own needs are being met first.
2. Communicate clearly with your heirs.
3. Strive for fairness in distributing your estate.
4. Strive to be a prosperous role model and leave a legacy of financial self-confidence.
5. Last but not least, don't delay!
Legacy planning is the opposite of depressing or morbid - it's an opportunity for you to
- Plan how you will give to those who matter most to you
- Support charities and non-profits that represent your values
Enjoy peace of mind, knowing that this important matter is handled.