How to Discuss Estate Planning with Your Family

Estate planning can be a sensitive topic for families to talk about. Here's how to get past the awkwardness and discuss estate planning with your family.

A multigenerational family takes a picture outdoors.
(Image credit: Getty Images)

When it comes to topics every family needs to be able to discuss, estate planning is one of the most critical and delicate. Getting past the hurdle and figuring out how to discuss estate planning with your family is an essential part of ensuring that what you want will be accomplished when you're gone.

Additionally, bringing everything out into the open before your passing is the easiest way to prevent discord after your death. This is critical because multiple studies have found that family discord is the biggest risk to the continuity of family wealth across generations. According to JPMorgan, the Williams Group chalks 60% of breakdowns in wealth transfer to a lack of communication and trust.

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Jacob Wolinsky

Jacob is the founder and CEO of ValueWalk. What started as a hobby 10 years ago turned into a well-known financial media empire focusing in particular on simplifying the opaque world of the hedge fund world. Before doing ValueWalk full time, Jacob worked as an equity analyst specializing in mid and small-cap stocks. Jacob also worked in business development for hedge funds. He lives with his wife and five children in New Jersey. Full Disclosure: Jacob only invests in broad-based ETFs and mutual funds to avoid any conflict of interest.