Needs to happen sooner rather than later
There are subjects in life that need to be discussed, but many of us tend to avoid them. Issues like mortality and money top the list. As parents and children grow older, a must-have conversation should be the topic of estate planning, but do we know all that we should?
According to Fidelity Investments’ “ Family & Finance Study,” the answer is a resounding — and rather scary — “no.” In fact, seven out of 10 of children underestimated their parents’ estate by an average of $278,000. That’s a big number between knowing what is going on and not understanding at all. It illustrates a breakdown in communication that Kevin Ruth, head of Fidelity’s wealth planning and personal trust, says badly needs addressing through ‘frank conversations” between parents and their adult children.
“Even in the simplest of family situations, conversations that don’t occur frequently and in detail can result in fairly substantial family disagreements and disconnects,” says Ruth. “Establishing an estate plan is your best bet to ensure your loved ones are taken care of in your absence and that your wishes are carried out the way you want.”
