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CHATTANOOGA, Tenn. — Fidelity’s Family Finance Study reveals a major disconnect: while nearly all adult children say they’re ready to manage inherited wealth, only a quarter of parents agree. More than half of parents avoid money talks altogether.
We had the pleasure of speaking with Fidelity Investments’ Ryan Viktorin to share how families can bridge the gap and plan for the future.
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“I think part of the the issue is the lack of the conversation, and we’ve actually seen that over half of our parents haven’t told their kids about their net worth, and more than two in three parents haven’t told their children about the details of what they’ll inherit, or if they’re they will inherit anything at all. And when it comes to the data, we saw that while 95% of the millennial generation feel like they’re ready for this inheritance, 25% of parents really kind of disagree. And when there’s a lack of conversation and there’s silence, said Ryan Viktorin, CFP, Vice President and Financial Consultant at Fidelity Investments.”
We asked Ryan Viktorin what steps families can take now to prepare for a better future, as well as what to do in those what-if scenarios.
“Part of it is decision-making. Part of it is also how your accounts and your financial picture is actually set up. And if I could say one thing that would help this conversation, or I should say the process once somebody passes away, is to make sure your beneficiaries are up to date and in line with your estate plan. A lot of things should be done ahead of time, you know, in case of, you know, the event of somebody passing but in addition, if, if it’s almost too late you, like you mentioned, like somebody had already passed away, it’s just starting to have the conversation to get an understanding of where you are right now, said Ryan Viktorin, CFP, vice president and financial consultant at Fidelity Investments.”
The overall message that Ryan, a financial consultant, wants families to understand is that changes do not have to be big, but to start small.
The first step is taking that leap to have the conversation with your children. The second step is making a financial plan to ensure health spending and savings tactics.