If you’re anticipating an inheritance, you may want to talk about it with your parents or other family members - because early, open communication will benefit everyone involved.
Many people are reluctant to have these conversations.
Consider this: More than a third of Americans do not plan on discussing a transfer of wealth with their families, according to a study from Edward Jones in partnership with NEXT 360 Partners and Morning Consult.
But having these conversations is important for several reasons.
By discussing your parents’ plans and wishes, you and other family members can avoid unpleasant surprises when it’s time for the estate to be settled.
And you may be able to contribute ideas about proper wealth transfer strategies or suggest that your parents work with an estate-planning attorney and a tax professional.
Finally, by having these discussions while your parents are healthy and alert, you can help avoid a situation in which they become incapacitated and have trouble making financial decisions.
You may suggest that a power of attorney can be helpful.
Starting these conversations can be challenging, and you have to be sensitive to your parents’ needs and wishes - but it’s worth the effort.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
