What can a family estate meeting cover without sharing dollar amounts?
Key takeaway
A family estate meeting can cover the structure of the plan and the roles people hold without sharing dollar amounts. Practitioners describe these meetings as typically reviewing the estate and wealth transfer plan, which may or may not include monetary values, and as usually covering trust structures and roles such as successor trustee, executor and agent under a power of attorney.
What the meeting usually covers
Estate planning practitioners describe family meetings as typically reviewing the estate and wealth transfer plan. Monetary values may or may not be included. The meetings usually cover trust structures and roles and responsibilities, including successor trustees, executors and agents under powers of attorney.
A next-generation planning meeting can focus on roles, responsibilities and future decision-making without disclosing detailed financial information. Examples include what acting as trustee means and how discretionary distributions are evaluated.
What the meeting is not
Practitioners describe a family meeting as not a legal reading of documents, not a line-by-line review of dollar amounts and not a process that requires consensus on each decision.
Who attends and what is shared
Estate planning practitioners describe decision makers such as successor trustees, executors and agents under powers of attorney as people considered for attendance.
Trust and estate practitioners describe telling adult beneficiaries whether they will receive an inheritance outright or in trust as useful for their own financial planning. Sharing charitable bequests is described as helpful as well.
Practitioners also describe parents explaining how wealth was built and managed, and which financial professionals they trust, as preparation for managing wealth.