"What Should We Tell the Children, Dear?" The Importance of Establishing a Beneficiary Communications Model Before State Law Does It For You

The senior generation of a financial family usually has some notion of when and what to tell the next generation about the family finances. This is typically based on the family goals and family philosophy on how to reach those goals. For example, if parents are concerned that their offspring will fail to become productive members of society if all the financial facts and circumstances are revealed, they might be closed-mouthed or vague about the amount of wealth that will be passed along.