Create a Tradition: Summer Money Chat

If you knew you could leave a longer-lasting legacy, make life better for your family, and relieve a mountain of stress, would you do it?

test

If you knew you could leave a longer-lasting legacy, make life better for your family, and relieve a mountain of stress, would you do it?

For most people, the answer is yes. The question is how.

Planning the summer money chat

It isn’t often that you and your family are all together in the same place. If this summer affords some family time at home or away, introduce a meaningful new tradition—the annual money chat. Done well, a family discussion about money can be a low-stress event that leaves everyone feeling closer and in control of their future.

Here are five tips for a successful discussion:

Focus on values, not money

A good family discussion leaves everyone feeling empowered. Focus on how you want your estate to create opportunities for others and be clear about your motivations. For example, be very specific about the kind of charities you want to support and why.  

Start with a game plan

Book time with your IG Wealth Consultant to discuss what you want to share and prepare a list. Together, you can create the agenda and they can help facilitate the meeting to ensure you cover all the important topics. They can also provide you with a Personal Records Organizer in advance. It is a great tool to capture personal documents and share during your discussion.

Don’t hog the mic

Talking about money, your estate, and your final wishes with your family can be awkward for everyone at first. Be prepared to listen as much as you speak. You may be surprised to hear that the kids may not want the burden of the family cottage.

Pick the right spot

Pick a place where there will be minimal distraction but still comfortable enough for everyone to feel free to speak. Consider an area of the house free of distractions like the dining room. You can even ask your IG Wealth Consultant to provide a meeting room if you think a more formal setting would be better.

Set a time limit

Set a time limit and either stop when you reach it or well before. An easy way to end the meeting is with a simple, “That’s enough for today. Everyone give it some thought and let’s talk again soon.” End on a positive note so that everyone feels good and will be there at the next chat. 

  • tip
    tip

    Consider this Checklist:

  1. Set a purpose for the meeting
  2. Discuss your choices/wishes
  3. Share where to find the important stuff: Wills, Powers of Attorney, Records
  4. Ask for input and opinion
  5. Set a date next summer to keep the tradition going

Have Questions

Our advisors will consider your financial goals and help find the path to get you there.

Find an Advisor