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    What will you do with all your stuff?

    One of the greatest concerns I have noted among older couples is, “What will happen to all our stuff when we are gone?” I can remember having a family meeting with a couple in their 70s and their four adult children and noticed that mom was getting very anxious. At first I thought her anxiety was due to the fact that she was preparing to discuss her end of life planning with her children.

    But when I asked her what her concern was, she responded, “I don’t know what I am going to do with all my stuff! I have several beautiful collections and I don’t want my children fighting over the objects right after my funeral or just putting them out in the yard for a giant garage sale!”

    She admitted to me that she hadn’t slept for several nights thinking about this terrible possibility. She confided in me that her husband still wasn’t talking to his sister after 20 years because she had raided the house when their parents died and taken everything of value before he had even arrived. “I don’t want that happening in my family!” she proclaimed.

    So what did we do? I asked her to describe her valuable collections to her children at the family meeting. She then created a list of all the items and asked each child to review them. If they wanted an item they were asked to put their name next to it. If more than one wanted something, they both listed their names next to it and mom would decide who got it.

    Mom collected the lists after the family meeting, reviewed them over the next few weeks and then reported to her children who would get what. No one disputed her decisions. After all, the collections were hers and she could give them to charity if she chose. The next time I talked to her I noticed her anxiety level was significantly less. She told me that for the first time in a long time she was sleeping very soundly.

    If you are a parent, don’t do your children a disservice. Don’t leave it up to them to decide what to do with your stuff after you are gone. The loveliest relationships are often spoiled by siblings fighting over the silver forks. Meet with your children and tell them what you intend to do. If you are an adult child, strongly suggest to your parents that they follow the procedure my client did. It will save much grief and anxiety for the whole family.

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    Financial Advisors may reprint any articles from The Gift of Communication Blog in your own print or electronic newsletter. But please include the following paragraph:

    Reprinted from Bob Mauterstock’s The Gift of Communication Blog. Subscribe at http://www.GiftofCommunication.com  and receive Bob’s Family Meeting Checklist Guide.

    Have You Had the Money Conversation With Your Children?

    What is your relationship with money? Do you completely ignore it and let your spouse handle it? Or are you a saver, keeping track of every penny you are able to add to your savings account? Are you a risk taker, making big bets on the next big thing, or a risk avoider, not even sure if you can trust the banks to protect your money? Do you associate spending money and buying things with pleasure or pain?

    Why do I ask you these questions? Because whether you know it or not, your relationship and attitude about money has influenced your children and how they relate to money. It is important to begin to understand this connection when you start talking to them about their finances and your own.

    As she has done many times in the past, my daughter taught me an important lesson five years ago. She asked me, “Dad, you’re a financial planner, and every day you are talking to your clients about money. How come you have never talked to me about it?” I was stunned, speechless. I realized that I had never shared our financial goals with her and had never inquired about her own financial situation.

    From that day forward we have had an annual financial planning meeting around the Christmas holiday. I share with her what our financial goals are and I ask her what her plans are for the next three to five years. It is a way for each of us to keep our intentions clear and it has been a wonderful tool in cementing our relationship.

    At first I had difficulty sharing with her what our income was and how much we had saved for retirement, but after a while, it became much easier. After all, I really didn’t have anything to hide. In the same way I had to be careful not to judge her for the amount of credit card debt she had or the amount she had saved.

    As each year has progressed, we have become more confident is sharing financial information with each other. She has become more willing to ask me questions about her future and get my input on the best course of action for her to take. And to my constant amazement, her financial situation has improved significantly each year. At this point her income is much higher and she has saved much more than I had at her age. A true miracle!

    I believe it is very valuable to have this money conversation with each of your children every year. I suggest strongly that you set a specific date to have a financial meeting with them. Your daughter might expect the meeting on the first day of summer, your son on Father’s Day. In this way they will know and look forward to this event.

    The first few times may seem uncomfortable, but eventually you will find that you feel much closer and are more honest with each other. You may even find that you have a clearer picture of your own financial goals.

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    PERMISSION TO REPRINT:
    =======================
    Financial Advisors may reprint any articles from The Gift of Communication Blog in your own print or electronic newsletter. But please include the following paragraph:

    Reprinted from Bob Mauterstock’s The Gift of Communication Blog. Subscribe at http://www.GiftofCommunication.com  and receive Bob’s Family Meeting Checklist Guide.