According to a new study conducted by Wilmington Trust, high net worth families are more comfortable talking about their money and how it will be distributed among beneficiaries than past generations did. The current generation holding the wealth is more comfortable sharing the financial details with their grandchildren and children who will eventually inherit those same funds. That older generation, however, did not receive much details about the family wealth from their parents. Have you shared information about your future plans with your loved ones? If you have not taken this step, you may want to reconsider whether or not someone, such as your attorney or your future executor, knows your intentions and where to find the relevant documents. 
According to the study, only 33% of wealth holders got similar information from their benefactors although 48% of them shared total financial information with the heirs. 57 families with at least $20 million in assets were included in the study. Of those included, 72% had at least $50 million in assets.
According to the results of that study, 30% of the wealth holders who were not comfortable sharing information said that was because they feared that would demotivate the beneficiaries. However, two-thirds of those inheritors planned to continue working and would not alter their lifestyle. Sharing information about the family wealth and how it will be passed on to somebody else can be an indication of a desire or even an obligation to protect a family’s wealth in future generations.