Menu ${}${SEMFirmNameAlt}${}${SEMFirmNameAlt}
Practice Areas
Let's Get Started!

Have you had 'the talk' with your heirs?

If you are someone with significant assets to pass down to your children or grandchildren, you might be reluctant to talk to your heirs about the inheritances they will be receiving.

People have many reasons for wanting to avoid the "inheritance talk" with their offspring, such as the belief that discussing an inheritance is taboo or not wanting their children or grandchildren to depend on the money; however, wealth experts say that this can be a costly mistake.

Often what happens is that when children or grandchildren are kept in the dark about inheritances they can be left overwhelmed and underprepared when the large inheritance suddenly comes. They may also be more likely to fight with other family members about the asset distribution.

On the other hand, heirs often end up more satisfied with what they have been left when they knew the details of their inheritances ahead of time, surveys have shown.

For example, a survey by UBS AG's wealth-management division found that when heirs knew what they were going to inherit ahead of time, 89 percent said they were satisfied with the planned distribution. However, only 65 percent of heirs who didn't know the details of their inheritances ahead of time were satisfied.

Finally, the UBS survey found that just 12 percent of heirs who knew the details of the planned distribution said they were likely to disagree with family over it, while 27 percent of those who didn't know the details said they were likely to disagree with family.

Of course, other factors can also come into play and affect the likelihood of heirs being dissatisfied or likely to disagree with family members, including when blended families and second marriages are involved.

No matter what your familial situation may be, it is wise to consider discussing inheritance plans with your children or grandchildren, perhaps with the assistance of your estate planning lawyer, who can do most of the talking if you wish.

No Comments

Leave a comment
Comment Information

Serving businesses and individuals throughout Massachusetts

Braintree Office
25 Braintree Hill Office Park
Suite 406
Braintree, MA 02184

Toll Free: 888-759-5109
Fax: 617-523-5653
Braintree Law Office Map

Cranston Office
200 Midway Road
Suite 159
Cranston, RI 02920

Toll Free: 888-759-5109
Cranston Law Office Map

Hyannis Office
1330 Phinney’s Lane
Hyannis, MA 02601

Toll Free: 888-759-5109
Hyannis Law Office Map

Norwood Office
520 Providence Highway
Suite 10
Norwood, MA 02062

Toll Free: 888-759-5109
Norwood Law Office Map

Waltham Office
375 Totten Pond Road
Suite 200
Waltham, MA 02451

Toll Free: 888-759-5109
Waltham Law Office Map

Westborough Office
276 Turnpike Road
Suite 228
Westborough, MA 01581

Toll Free: 888-759-5109
Westborough Law Office Map

Woburn Office
444 Washington Street
Suite 203
Woburn, MA 01801

Toll Free: 888-759-5109
Woburn Law Office Map

Longmeadow Office
Williams Place
813 Williams Street
Longmeadow, MA 01106

Toll Free: 888-759-5109
Map & Directions