Did you know 70% of wealth transfers fail by the second generation?1 The culprit isn’t poor planning — it’s poor communication.
Inheritances often come with emotional and relational costs families aren’t prepared for. That’s why opening the conversation early matters.
What should you discuss?
- What assets you have and where they’re located
- Your values and intentions behind how your wealth is structured
- The responsibilities and expectations that come with inheritance
Beyond the paperwork: Actively communicate with spouses, children, and loved ones about what to expect when you pass. Discuss not just the what (which accounts, properties, or investments they’ll inherit), but the how and why. Consider inviting them to financial planning meetings so they understand your current strategy and can ask questions while you’re still here to answer them.
These conversations are difficult, but leaving heirs confused and ill-informed can be even more devastating. Let’s explore how to best prepare your loved ones for the inheritance you’ll leave behind.
Helpful Reading
Aging Parents?
5 Money Topics to Discuss
As your parents age, the reality of needing to plan for the future becomes more apparent. But it can be hard to have the necessary conversations about money & health, especially if you’re not a family that typically discusses those things. In this article from Schwab, the author uses real-life advice for how she broached the topic of money with her parents. Not only does she discuss how you can start the conversations, but also why they’re so critical to have in the first place. That includes conversations about long-term care and how to handle health issues that may come up in the future.
Six Ways to Make Talking With Family About Estate Planning Easier
Conversations about estate planning can be difficult, but it’s important to have a plan on how you’ll share your expectations with family. Without a discussion, you’re leaving your family to potential disputes and confusion that can cost them both emotionally and financially. This Kiplinger article goes over how to talk about your estate plan with family and why it’s important to have that plan in place well before it needs to be enacted. This includes regularly meeting with a financial professional who can help make sure everything is in order as it should be.
How to Manage Finances After the Loss of a Spouse
Losing a spouse is an incredibly difficult and heartbreaking event in someone’s life. There’s no one way to process or grieve the loss of a loved one, but there are necessary steps that you should take to make sure that your loved one’s wishes are carried out as they wanted. It’s also important to manage your finances so that you can continue to live and pay the bills without any additional stress or confusion. This Schwab article covers some of the important first steps you can take after the passing of a loved one. Addressing the urgent needs helps create a clear path forward.
Here to Help
HUB Investment Partners
You don’t have to navigate the complex web of emotions and financial decisions alone. Not only should you be sure that spouses, children, and heirs are involved in the conversation, but you should have a financial professional too. Our advisors here at HUB Investment Partners can help you navigate the difficult money conversations and remind you of the necessary steps you should be taking to prepare for the future. We can help answer important questions like:
- How often do I need to be updating my beneficiaries and how do I complete that process?
- How should I be organizing or managing my money so that I can leave some behind for loved ones?
- How should I be saving so that I can meet my retirement goals?
- How can I involve my children and make sure that they have good financial literacy?
- How do I create an estate plan? What are the most important components to have in place?
Employee Assistance Program
Life is complicated. The Employee Assistance Program (EAP) can help with resources, including articles and counseling. Articles related to estate planning include:
- Aging Parents: Your Changing Relationship
- Coping with Grief and Loss
- Coping with Grief After the Death of Your Spouse or Partner
Do your current beneficiaries match your current wishes?
If not, make the change(s) while you are thinking about it.
1 –https://expatwealthatwork.com/blog/2025/05/12/why-most-wealth-vanishes-after-the-first-generation/