--- title: 4 Tips for Having “The Talk” - Discussing Estate Plans with Your Family description: Discussing your estate plans and investment plan with your family can give you better peace of mind and help keep your family informed. --- [![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/) The Money Manager People TM [800-541-7774](tel:+18005417774) [![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5) [![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2) [Home](https://www.letsassemble.com/) WrapManager's Wealth Management Blog When life changes, we can help you thoughtfully respond. [< Back to read another post](https://www.letsassemble.com/wealth-management-blog) # 4 Tips for Having “The Talk” - Discussing Estate Plans with Your Family Posted by [ Gabriel Burczyk | Founder & CEO](https://www.letsassemble.com/wealth-management-blog/author/gabriel-burczyk) June 17, 2014 - [Tweet](https://twitter.com/share) The summer season gives families the chance to get together for quality time and fun, but it also presents you with an important opportunity – to have a constructive conversation with your family about your finances and estate plan. Fidelity Investments found that 86% of parents felt peace of mind after having conversation with their children, yet only one-third of parents and children agree about the right timing for these conversations.1 Having this talk helps in three ways: 1. **Preparation** – inform your family how you want your estate handled and distributed 2. **Educational** – your family members can learn about the details, their role in the plan and clear up any gray areas 3. **Comfort** –peace of mind is important and knowing there’s a plan in place to help the transition go smoothly can help If you’ve been meaning to have this discussion but haven’t started it yet, make now the right time to do it. ### **Speak with Your Spouse and Financial Advisor First** It’s not uncommon in many households for one person to handle the finances. In these cases it makes sharing the details of your financial plan with your spouse even more important, so they’ll be able to handle everything if needed. It also presents a good opportunity to further develop or potentially revise your financial plan together. You’ll then be able to talk with your children about finances as a team. Your financial advisor can help with this conversation. Adults and children are more comfortable speaking about finances with a financial advisor than they are with each other, according to a survey by Fidelity Investments.1  Financial advisors usually have experience with these conversations and can keep the discussion focused while making sure all the relevant information is covered. ### **Initiating an Estate Planning Conversation with Your Family** It’s up to you and your spouse to decide how much information you share with your family. Often children may not be ready for this type of conversation, or capable of handling finances. It’s good practice to at least have the estate planning discussion on a basic level, just so the family knows there’s a plan in place and everyone understands the steps for putting it in motion. 1) Set Up A Framework Instead of digging into details about your assets and who is inheriting what, establish the conversation at a high level. Just tell your family you want to discuss the future, let them know you have a plan in place and that you want to get everyone involved. 2) Use a Significant Family Event A landmark family event, or holiday can be a great prompt for starting the estate planning discussion. 3) Use a News Story If you see an article in the newspaper about Long-Term Care insurance, for instance, that could be a good catalyst. 4) Create a Teaching Moment Sharing stories about how you saved for retirement, what smart investment choices you made (and the not so smart ones), and what choices led to successes and failures can help guide your children to make good choices with their finances. You could also share specifics about your accounts, your plans for **[creating retirement income](https://www.letsassemble.com/wealth-management-blog/create-your-retirement-income-strategy-with-an-investment-plan)**, and what your long-term goals are for your assets. ### **How to Get Your Children the Right Estate Planning Information** Having a detailed estate planning conversation with your children is like giving them the full blueprint for how to build a house. The next step is to give them (or the person you decide to place in charge of your estate plans) the tools necessary to see it through. At a minimum, provide them with contact details for those involved with your finances. These include your financial advisor(s), estate attorney and CPA. Also consider introducing these individuals to the person or people who will take over your estate. Another good step is to include your spouse and children in conversations with your financial advisor about your investment plan. You can also share physical or electronic copies of your will/trust documents and account statements. ### **Our Wealth Managers Can Help Facilitate the Conversation with Your Family** You can call one of our Wealth Managers today at 1-800-541-7774 or [contact us here](http://www.wrapmanager.com/contact) to help you prepare for this discussion with your family, or you can have us mediate the conversation for you. We can create an outline for how the conversation should go, as well as help you collect and prepare all of the relevant documents you should share. Once you’ve had a discussion with your family about your estate and financial affairs, you’ll hopefully enjoy the peace of mind knowing the transition should be smooth and easy.   --- Sources: 1 [Fidelity](http://www.fidelity.com/static/dcle/welcome/documents/intra-family-generational-finance-study.pdf) [Investment Planning](https://www.letsassemble.com/wealth-management-blog/topic/investment-planning) ### Subscribe to Updates [Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf) ### Most Recently Published ### Blog Authors [![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [**Valerie De Vol, **IACCP® Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [**Seton McAndrews, **CFP® ](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA® ](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) ![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png") [**Katie O'Connor **Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor) **Important Disclosure Concerning WrapManager Blogs** Blogs found at this site have been created or supported by WrapManager. The information provided in a blog post prepared by WrapManager or an associated person of WrapManager is generally limited to financial and economic issues, but may include a discussion of general interest items. The views and opinions expressed on this blog are purely the blog authors, and not necessarily those of WrapManager, Inc. Certain blog posts include information pertaining to WrapManager’s investment advisory services and the products and services of unaffiliated money managers. Such information is provided for information purposes only. Accordingly, information provided in a blog should not be construed by any consumer and/or prospective client as a solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice. Any subsequent, direct communication by WrapManager with a prospective client shall be conducted by a representative of WrapManager. Moreover, no client or prospective client should assume content contained on the website serves as a substitute for personalized advice from WrapManager. Different types of investments involve varying degrees of risk, and there can be no assurance that any investment, portfolio or money manager referred to within the blog will be suitable for your individual situation and risk tolerance or will be profitable. WrapManager recommends that you retain a financial professional to provide you with specific guidance regarding your financial situation before investing. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Although the information included in the WrapManager, Inc. website and blog has been obtained from sources WrapManager believes to be reliable, we do not guarantee its accuracy and information may be subject to change without notice. This website should not be regarded as a complete analysis of the subjects discussed. Information on this site should not be relied upon as a substitute for legal, tax or accounting advice by a professional in your local jurisdiction. Comments made by third parties are subject to moderation by WrapManager and may not appear on this blog until they have been deemed appropriate for posting. Also, due to the volume of comments received, not all comments will be posted. WrapManager does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party website linked to WrapManager's web site or incorporated within a blog post. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.     ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Gabriel Burczyk", "url" : "https://www.letsassemble.com/wealth-management-blog/author/gabriel-burczyk" }, "datePublished" : "2014-06-17T16:40:00.000Z", "headline" : "4 Tips for Having “The Talk” - Discussing Estate Plans with Your Family", "mainEntityOfPage" : { "@id" : "https://www.letsassemble.com/wealth-management-blog/4-tips-for-having-the-talk-discussing-estate-plans-with-your-family", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png" }, "name" : "Assembly" } } ```