Apparently, there isn’t a lot of talk these days. Parents don’t want their children to count on an inheritance, while children don’t want to broach the subject of future plans, not wanting to upset their parents.
Nobody talks, but there is a price to pay.
A recent (American) study found that 10% of parents did not speak with their children about their Estate plans and 31% only had “vague” conversations. Also, 40% of the parents surveyed had not engaged in detailed discussions with their children about retirement and healthcare expenses.
The study concluded that all this creates misconceptions. For example, children on average underestimate the size of their parents’ Estate by nearly $300,000. And while 43% of children said they plan to care for their parents if they fall ill, only 6% of parents believe they will rely on their children for help.
People who actually did have the in-depth discussions felt better and more at ease. Fully 93% of parents said that the discussions brought them greater peace of mind.
This ad ran in the Richmond Review on July 18, 2014.