Educational Disclaimer: Maple Wealth Guide provides general financial education only. We do not offer financial, investment, tax, or legal advice. Nothing on this website should be considered a recommendation. Always consult a licensed professional for personalized guidance.
Why Have This Conversation?
Many families avoid discussing inheritance, but open communication prevents misunderstandings, reduces conflict after you're gone, and helps your children plan their own finances appropriately.
These conversations can also protect you from financial exploitation by ensuring your wishes are clearly understood.
What to Discuss
Your Estate Plan Basics
- Whether you have a will and where it's located
- Who your executor is and their responsibilities
- General intentions (equal splits, specific bequests, etc.)
- Powers of attorney for finances and healthcare
Set Expectations
Be clear about whether there will be an inheritance and roughly what to expect. Many adult children overestimate what they'll receive, while others underestimate.
⚠️ Important: You are not obligated to leave an inheritance. Your first priority should be funding your own retirement comfortably.
Special Considerations
- Children with different financial situations
- Blended family dynamics
- Special needs family members
- Charitable intentions
- Family heirlooms or sentimental items
How to Start the Conversation
- Choose a calm, private setting—not holidays or gatherings
- Start with why you want to discuss this (love, prevention of conflict)
- Keep it factual rather than emotional
- Allow questions and listen to concerns
- Consider having separate conversations if sibling dynamics are complex
💡 Note: Frame it positively: "I want to make sure my wishes are clear and that this is easy for everyone when the time comes."
What Not to Do
- Don't use inheritance as a threat or control mechanism
- Don't make promises you might not keep
- Don't play children against each other
- Don't assume your children expect or need an inheritance
- Don't have this conversation when emotions are running high
Involving Professionals
Consider involving your estate lawyer or financial planner in these discussions. They can explain complex arrangements objectively and answer technical questions. This removes you from being the "bad guy" if decisions are difficult.
Document Everything
After conversations, ensure your wishes are properly documented in legal forms. Verbal agreements aren't enforceable, and memories differ. Review your estate plan regularly as circumstances change.
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About Maple Wealth Guide
Maple Wealth Guide is an educational publication that explains investment concepts, retirement-related topics, and personal finance information for Canadians aged 50 and over. We are not licensed financial advisors and do not provide personalized recommendations. All content is for educational purposes only.
Non-Affiliation Statement: Maple Wealth Guide is not affiliated with any banks, brokerages, investment platforms, or government agencies.