4 Key Questions About Family Wealth
When I work with families with higher net worth, they often ask the same questions about how to handle their wealth. Their questions generally cover the following 4 key areas:
- If I pass on wealth to my family, how will it affect them?
- How will my family manage the affairs of my estate and any ongoing management issues?
- Should I tell my children how much money I have in my estate?
- How should I treat the in-laws—should I treat them as equals or should I have a contingency plan for divorce?
As a point of discussion, let’s take question three: do you believe you should tell your children about how much is in your estate? If your answer is yes, two further questions follow: when should you tell them, and how specific should you be?