{"id":18359,"date":"2025-11-05T14:42:14","date_gmt":"2025-11-05T14:42:14","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/?p=18359"},"modified":"2025-11-05T14:54:53","modified_gmt":"2025-11-05T14:54:53","slug":"the-power-of-family-wealth-planning-conversations-shaping-your-legacy-together","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/the-power-of-family-wealth-planning-conversations-shaping-your-legacy-together","title":{"rendered":"The power of family wealth-planning conversations: Shaping your legacy together"},"content":{"rendered":"\n

History is replete with stories of families falling out over inheritances and getting locked into squabbles that last years (while the estate slowly dwindles away). It\u2019s also the stuff of TV and film drama, most recently in the hugely popular Succession<\/em>, which saw the Roy family tearing each other apart over a multi-billion-dollar estate and control of the family media empire.<\/p>\n\n\n\n

These are extreme examples, of course, but estate planning and inheritance can be a very challenging and emotional matter \u2013 irrespective of whether an estate amounts to tens or hundreds of thousands of pounds, or up into the high millions. And it\u2019s a situation that can be made all the more difficult if meaningful conversations between the generations haven\u2019t taken place well in advance.<\/p>\n\n\n\n

Research by RBC Brewin Dolphin from 2023 highlights how this lack of communication is commonplace \u2013 with 58% of people over 55 who were surveyed admitting they haven\u2019t discussed with their children whether they plan to pass on money.<\/p>\n\n\n\n

This can also create a disconnect between what parents plan to do and what their children or grandchildren are expecting. In some cases, children may anticipate a significant inheritance that doesn\u2019t materialise \u2013 in others, they may be expecting little or nothing, but all of a sudden receive a major windfall they don\u2019t know how to manage.<\/p>\n\n\n\n

Indeed, the RBC Brewin Dolphin research showed that almost half of the children under 55 with living parents said they never expect to receive financial help, yet more than nine in ten parents with more than \u00a31m in savings and investments intend to pass on wealth during their lifetime or when they die.<\/p>\n\n\n\n

And this is a key distinction. Wealth transfer isn\u2019t just about inheritance<\/a> \u2013 it often happens during your lifetime, making open conversations even more important.<\/p>\n\n\n\n

Time to open up<\/strong><\/h2>\n\n\n\n

While talking to your family may sound like the most natural thing in the world, money remains a sensitive area for many people. Chris Matthews, managing director at RBC Wealth Management in the British Isles, says he\u2019s witnessed, \u201ca lot of shame, guilt and embarrassment\u201d among people forced to consider their own wealth.<\/p>\n\n\n\n

On the flip side, some parents might be nervous about spoiling their children or grandchildren too early, when they don\u2019t have a good understanding of money management, and could potentially make questionable financial and lifestyle choices. As a result, they simply avoid discussing the matter altogether.<\/p>\n\n\n\n

The taboo around talking about money seems especially strong for the famously restrained British. National Numeracy <\/a>, the social mobility charity, found that a quarter of UK adults are \u2018silent savers,\u2019 preferring to keep money matters to themselves \u2013 often until dramatic life events, such as serious illness, make sharing information a necessity.<\/p>\n\n\n\n

But as Chris Nolte, investment manager at RBC Brewin Dolphin, explains: \u201cannouncing that you\u2019ve got six months to live and telling your children that they\u2019re going to receive x amount of money is never a good place to be.\u201d<\/p>\n\n\n\n

While reticence to talk about money has its place, it can clearly be problematic. By starting these conversations now, you can help your family understand your decisions, avoid future misunderstandings and ensure your legacy reflects your values. Simply \u2018kicking the can down the road\u2019 or refusing to broach the subject of money altogether risks pulling families apart.<\/p>\n\n\n\n

The importance of open dialogue<\/strong><\/h2>\n\n\n\n

While having conversations with family is important in establishing what your beneficiaries can expect after you die, it can have a far more significant impact during your lifetime, including opening financial-planning opportunities.<\/p>\n\n\n\n

Talking to your loved ones might reveal challenges they\u2019re facing, enabling you to make a more informed decision about how to pass on your wealth. For instance, if your children need help buying a property or funding your grandchildren\u2019s education fees, then a carefully considered gifting plan could allow you to pass on a bigger financial legacy, while also helping to mitigate inheritance tax (IHT)<\/a>.<\/p>\n\n\n\n

You might also discover that they\u2019re in a far stronger financial position than you realised. \u201cI help advise a couple who have four kids, all of whom need different levels of financial help,\u201d explains Nolte. \u201cSome are buying houses while others are getting married. Three of the four are doing jobs that don\u2019t pay highly, while one is doing really well \u2013 so the parents have been helping out the three while creating an estate plan that will help \u2018rebalance\u2019 matters later on. Without having had open conversations, none of this would have happened.\u201d<\/p>\n\n\n\n

Continuous conversation<\/strong><\/h2>\n\n\n\n

While starting these wealth conversations as soon as possible makes perfect sense, it\u2019s worth noting that they should never just be \u2018one and done,\u2019 but rather an ongoing exchange. As Stephen Ritzema, director of the Fiduciary Specialist team at RBC Wealth Management in the British Isles, says: \u201chandled correctly, parents and grandparents should be able to enjoy discussions with family members that are open, honest and fruitful. They may even find themselves gaining a better understanding of their heirs, and of their values, dreams and capabilities.\u201d<\/p>\n\n\n\n

This could open doors for parents and grandparents, during their lifetime, to support the younger generations and gain a real sense of fulfilment from seeing how they\u2019ve helped out.<\/p>\n\n\n\n

It\u2019s also essential that any conversations with heirs and family are aligned with the advice from your wealth manager. This helps position any gifting, inheritance tax and estate planning as part of your holistic financial strategy. As much as you might be passing money on, you need to be sure that your own needs are going to be met in retirement, for instance.<\/p>\n\n\n\n

And in some cases, having an adviser in the room when you have conversations with your children can help things go more smoothly. Experienced advisers are skilled at guiding families through the discussion and drawing out what each person may want or need. They\u2019ll explain the ins and outs of complex matters like gifting, trusts, IHT and whole of life insurance, so that everyone understands why certain plans are being put in place. They\u2019ll also help to answer any questions you and your family may have.<\/p>\n\n\n\n

Conversations around family money and inheritance may be difficult to begin with, but they can help develop a whole new level of understanding between family members that, ultimately, can pass from one generation to the next.<\/p>\n\n\n\n

\n

Practical steps to start the conversation<\/strong><\/h2>\n\n\n\n

Here are nine questions that can help kickstart some all-important family conversations around money:<\/p>\n\n\n\n

    \n
  1. How comfortable are you managing the money that you currently have?<\/li>\n\n\n\n
  2. Is there anything you\u2019d like to learn about managing it more effectively?<\/li>\n\n\n\n
  3. Are there any financial matters that you\u2019re struggling with or need advice on?<\/li>\n\n\n\n
  4. What are your long-term ambitions and how do you plan to achieve them?<\/li>\n\n\n\n
  5. How can I help you prepare for the future, both personally and financially?<\/li>\n\n\n\n
  6. How prepared do you feel about receiving an inheritance?<\/li>\n\n\n\n
  7. What will you do with any money you inherit in the future?<\/li>\n\n\n\n
  8. Is there anything you\u2019d like to know about the plans we have in place for you?<\/li>\n\n\n\n
  9. Can we help provide for our grandchildren in some way?<\/li>\n<\/ol>\n<\/div>\n\n\n\n

    <\/p>\n\n\n\n

    Build a confident future<\/h2>\n\n\n\n

    Living well for longer means ensuring your wealth supports your family\u2019s future. Open conversations today can align your plans with your values and empower your loved ones to thrive. At RBC Wealth Management, we\u2019ll help you navigate these conversations to help ensure your plans secure the future you want.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Discussions about family wealth can be difficult, complex and emotional. But, having honest and open dialogue now can help avoid problems in the future.<\/p>\n","protected":false},"author":22,"featured_media":18421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[139,376],"tags":[749,331,142,196],"rbcwm_content_owner":[],"rbcwm_need":[110,120,111,148],"rbcwm_segment":[97],"rbcwm_solution":[119],"rbcwm_topic":[109],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-18359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-planning","category-wealth-transfer","tag-family-conversations","tag-inheritance","tag-wealth-planning","tag-wealth-transfer","rbcwm_need-grow","rbcwm_need-live","rbcwm_need-protect","rbcwm_need-support","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Discussions about family wealth can be difficult, complex and emotional. 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You should always check the tax implications with an accountant or tax specialist.<\/em>"},"rbcwm_insight_cta_id":[8231],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\nThe power of family wealth-planning conversations: Shaping your legacy together<\/title>\n<meta name=\"description\" content=\"Discussions about family wealth can be difficult, complex and emotional. 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