We've all been there – the casual family chats about day-to-day expenses flow effortlessly around the dinner table, but when the conversation shifts towards estate planning and inheritance, things can get a bit tricky.

A recent Findex Survey highlights this shift revealing the most common financial topics family members discuss are saving and budgeting (65%) and navigating the increasing cost of living (52%).

But the study found more complex topics are discussed less frequently. Just 15% of Australians discuss estate planning and inheritance with their families.

At DP Wealth, we think it’s heartening to know families are discussing finances openly, but with a bit of a nudge, we can ensure these conversations cover more ground. Because the reality is they need to.

We understand the transfer of wealth is complex and often emotional, but if done well, family legacy can be preserved, and generational prosperity can be achieved. If done poorly it can lead to conflict, financial mismanagement, unmet expectations as well as legal and tax consequences.

So, with this in mind, here are DP Wealth’s top tips to enhance your family's financial discussions:

Dedicate Time for Long-Term Plans: Step away from the weekly budget pressures and carve out time specifically for conversations about long-term plans.

Seek Expert Guidance: Bring in a financial advisor to provide expertise and a neutral perspective, aligning family goals and easing potential conflicts. 

Incorporate your Values and Priorities: Discuss your values, intentions, and priorities related to wealth transfer. Because it's not just about the money; it's about preserving your family values.

Involve the Entire Family: Gain a comprehensive understanding by involving grandparents, parents, and children. Different perspectives can often bring richness to financial discussions.

Foster any Ongoing Conversations: Try to make financial discussions an ongoing dialogue rather than a one-off event. This allows plans to adapt as circumstances and priorities change.

At DP Wealth, we’re here to help turn these potentially awkward conversations into meaningful discussions guide your family towards a financially secure future.

Call our office on 4690 2588 for an obligation-free conversation about how we can help.