We’ve all heard the staggering statistics – around 70% of estate transfers end up failing in some way, with money lost and family relationships fractured. Not exactly the legacy most of us have in mind when carefully crafting an estate plan, right?

The families who manage to beat those odds generally do so by proactively addressing three main pitfalls:

1. Lack of trust and open communication
2. Heirs who are underprepared to receive an inheritance
3. No shared vision or purpose for the family’s wealth

That’s where family meetings come in. Gathering your loved ones can be an incredibly powerful tool for building understanding, getting everyone on the same page, and setting your family up for a smooth transition of wealth.

Initiating the Conversation

For many, the concept of an official family meeting to discuss money and estates is uncharted territory. Who the heck wants to open Pandora’s box?! An introductory explanation can help get everyone on board. You might say something like:

“Preserving our close family bonds and ensuring our wealth has a positive impact for generations is hugely important to us. We want our descendants to understand their roots, live out our family’s values, and responsibly steward this legacy. However, that won’t happen automatically – it requires being very intentional.

We’d like to establish a tradition of regularly coming together as a family to align our vision, keep lines of communication open, and prepare all of you to one day receive and guide our estate. This will strengthen our family unity and empower each person to experience fulfillment from our wealth. Are you willing to participate in this process with us?”

Planning the Meeting

There are myriad potential topics and activities to cover at a family meeting. A well-rounded agenda might include:

• Your current financial standing – assets, liabilities, advisors, etc.
• Decisions you’ve made about how/when to distribute assets and why
• Who you’ve named as executor/trustee and what that role entails
• Location of important documents and account details
• Your legal directives for medical care, power of attorney, burial wishes, etc.
• Your vision for the family’s future and how the wealth can support that
• Hands-on activities to get everyone’s creative input
• Planning your next family trip. Pro tip- give the kids a budget and let them plan it. Watch how they interact and what ideas they come up with!

The key is creating a forum for open discussion in a relaxed environment. Consider holding the meeting away from home or combining it with a fun family activity. Getting professional support for facilitation can also be valuable.

Expect a Few Bumps

Let’s be real – airing out financial affairs and mortality isn’t easy for any family. You may face reluctance to attend, disagreements over your decisions, or resurfacing of old conflicts. Having a neutral third-party guide can help navigate these hurdles productively.

If tensions do arise, rely on agreed-upon discussion protocols. Take breaks as needed. And keep in mind that discord often stems from fear of the unknown. The more you can provide transparent information and allow concerns to be aired, the better heirs will understand your reasoned choices.

An Ongoing Dialogue

One family meeting alone can’t cover everything that may come up over the years. But establishing this tradition lays the crucial groundwork of trust, shared purpose, and open communication. From this solid foundation, your family will be equipped to not just receive your wealth, but to sustain it alongside your cherished family values.

If you’d like professional guidance shepherding these sensitive conversations, my team and I are here to support you every step of the way. Reach out anytime to begin this important family journey.

Information is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products, or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this post (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of Angela Wright, an Investment Adviser Representative of Gemmer Asset Management LLC“(“G”M”) and should not be regarded as the views of GAM, or a description of advisory services provided by GAM or performance returns of any GAM client. References to securities or market-related performance data are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosure information: https://www.getwrightwealth.com/disclosure/.