Why Do Most Parents Find It Hard To Have The “Inheritance’’ Talk With Their Kids

Eunice Sibiya - Educator & Coach on Personal Financial management and Ayanda Tetyana – Parenting expert talks about Family members need to talk about potential changes in health, inheritance, and estate planning issues before there is a crisis or someone is not able to communicate. But families fail to start these important conversations. Communicating and advance planning can reduce feelings of burden, guilt, and misunderstandings. It can also reduce conflict that is often experienced when family members are put in the position of making decisions for others.

So why don't we talk?

Denial of our own or other's mortality is often the reason conversations about inheritance can be so sensitive. Few people want to give the impression that a family member might die or that they would want someone to die. Talking about human losses or changes in health can be emotional. It can also be filled with legal and financial complexities that many find overwhelming. A family history of conflict can make it difficult to talk about later life transitions of aging parents.

Helping family members talk about issues that they normally do not want to address is the focus of my research on inheritance issues. This research has been used to develop tools to help families begin thoughtful communication about the inheritance issue of personal possessions.