5 Things Boomers Should Tell Their Children About Their Inheritance
Death and money are never easy to discuss, particularly when they are tied closely in the same conversation. That being said, facts are facts, and we all have to prepare ourselves and our loved ones for what happens after we pass.
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Right now, the baby boomer generation is getting older and should be informing their children about what to expect when it comes to their inheritance. While each family might be different in the particulars, there are a few key topics to discuss regardless of circumstances.
Here are five things boomers should tell their children about their inheritance:
Communication is crucial during estate planning. Without it, there can be confusion as to what your wishes actually are and if they have been updated to meet your intended desires.
'Boomers need to talk to each other about having a will, a trust, or both — and if those documents accurately state their wishes,' commented William London, a partner at Kimura London & White LLP.
'The children should understand who the trustee, the executor, and power of attorney agents are,' London continued. 'Surprises down the line cause family strife and more costly litigation. Telling the truth now can mean calm later.'
It's not just the who and the what that matters, but the why as well. Make sure that when it comes to what you leave behind, you inform your kids as to your reasoning behind your decisions.
'Yes, your heirs need to know what they will receive — IRA, Roth, brokerage, trust, real estate or business equity,' noted Jason Hester, a managing Partner at Balefire. 'But help them understand why you set things up this way and what will be required of them. Ensure they know where the assets are held, how the assets are held, who the advisors are, and what your intentions were behind any protections or restrictions.'
Everyone might be under the assumption that they are going to get an equal share of what you leave behind. If this is not the case, bring that to light ahead of time to avoid conflict amongst your children later.
'If the inheritance is not to go equally among the children or is to have specific requests (such as the family home to a child), Boomers need to communicate the reasons both in writing and face to face,' London advocated, noting that this eliminates the potential for disagreement, bitterness and lawsuits are a parent's death.
According to Hester, the greatest inheritance is not the assets — it's the ability to take the family to another level.
'By shifting the focus to living a life of significance with is given, provide your heirs a clear path for stewarding the family mission,' explain Hester, who described how his company emphasizes '…creating plans that clearly define how much is enough for lifestyle needs, fuel ambitions to thrive in growing assets, set a multigenerational vision for remaining healthy as a family, and maximize the influence and impact of your family in your community.'
London stressed that inheritors need to understand that inheritance is not immediate.
'There are years, if not months, of probating, if there is no trust. If there is a trust, distributions may take time or may even be subject to contingencies,' London pointed out.
'Advance notice makes for proper expectations and prevents excessive worry,' shared London. 'It is often not easy to have frank discussions of inheritance-although they are among the best gifts Boomers can bestow upon their children.'
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About the research The research was conducted to explore the current state of play within the communications and marketing landscape, as professionals navigate a period marked by economic uncertainty, geopolitical shifts, and rapid technological change – particularly around AI and data-led tools. Commissioned by MikeWorldWide and carried out by independent research provider Opinion Matters, the study surveyed 500 UK-based in-house communications and marketing professionals between 29 May and 3 June 2025. Participants were aged 25 and over, working at director to C-suite level within companies of at least 20+ employees. The sample included a 50/50 split across B2B and B2C sectors, with insights drawn from 250 brands in each sector, offering a balanced view of the challenges and opportunities facing both sides of the industry. Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. 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We are experts in creating concepts, implementing & managing projects, analysing results and reporting. As communications specialists ourselves, with a wealth of experience in research, PR & marketing, we unlock information that helps you hit the right note in understanding and communicating with your market. 1 'Very confident' and 'Somewhat confident' responses combined2 'Strongly agree' and 'Somewhat agree' responses combined3 Inverse of those who selected "N/A – There are no biggest factors that prevent our brand from responding quickly to breaking news or cultural shifts"4 Inverse of those who selected "Never"5 'Much more challenging' and 'A bit more challenging' responses combined View original content: SOURCE MikeWorldWide Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
