When Should You Talk to Your Children About Money And Your Estate?

Children and money are a tough blend.  One or both are at the root of either conflict or oneness in marriage.

What should you tell your children about your estate?

How much do you tell them about your personal or business finances?

How much do they need to know?

How much of it is simply “none of their business”?

This is a summary of an article I wrote for Weiss Education.  You can read the whole thing here.

Key guidelines in dealing with children and money include:

1. Let Your Children Know You Have a Plan.

2. Disclose Those Particular Details That Will Affect Their Choices and Actions.

3. Appropriately Involve Your Children in Your Own Money Choices.

4. Involve Your Children With Your Advisers.

5. Help Your Children Understand the Difference Between Your Money and Their Money.

Children and Money – In the Long Run

In the end, how you handle the relationship of your your children and money will have a bigger long term impact on your family than anything else you do in terms of financial planning or estate planning.  Your children will either become self reliant, capable, productive members of society, or not.

It does no one any good to create a financial dynasty if in the end the money destroys your family.  Put your family right first, and the financial success will follow.  You can find helpful ideas on the process for engaging your children with financial matters here.