Constant communication with your children is an essential process which involves engaging in a small conversation topics that keeps both you and your children updated on the daily lives’ activities.
Some conversation can be very hard to begin with, especially those involving wealth and financial related. Some parents may think that their children are not matured enough to understand their financial situation. Some may not want their children to worry for them, thus choosing to keep quiet over it. Some parents may think that it is okay to delay the conversation till the next day or the next month….or the following year…
While everyone would agree that this can be a difficult conversation to start with, but when the time comes, you and your children will be glad you had it. Let’s take for example an important conversation regarding the financial assets that you own and you want your children to know.
During this conversation, make sure that you clearly explain where all the necessary documents are (E.g The different types of your life insurance policy or the power of attorney/title deeds relating to the property that you own, etc). If you have multiple properties abroad, it is important to educate them so that if needed, your children can act on your behalf when it comes to handling your care and properties. Last but not least, it is important to make a will or at least communicate your thoughts to your children so that it will help to make sure your children act on your wishes, and don’t have to make uncomfortable decisions themselves when the time comes.