Estate planning isn’t just for billionaires. Warren Buffett, at 94, urges families to discuss their wills early.
Why?
Transparency now prevents heartbreak later.
Buffett’s 3-Step Strategy:
- Let mature children read your will.
- Clarity prevents surprises.
- Explain your decisions and their roles.
Key roles include:
- Executor/Personal Representative: Manages your estate.
- Trustee: Handles trust assets.
- Beneficiaries: Inherit money or assets.
Answer the ‘why’ now. Avoid confusion and resentment later.
Why Talk About It?
- Avoid family drama: Clear communication reduces conflict.
- Clarify your intent: Kids understand your reasoning.
- Strengthen family ties: Inclusion fosters trust.
Uneven Inheritances
- Splitting your assets 60/20/20? Discuss it.
- Your choice, your legacy.
- Talking about it now = fewer hurt feelings later.
The Reality
- Only 1/3 of families have wills.
- Of those, 35% don’t discuss them with loved ones.
Best Practice: Start small. Start early. Talk often.
Action Plan:
- Summarize your will for your family.
- Meet with your lawyer to clarify details together.
- Follow up individually to ensure understanding.
Bottom line: Transparency ensures your wishes are honored. Warren Buffett’s advice isn’t just for the ultra-wealthy—it’s for anyone with a family.
