There is an appropriate time in life when:

1. teaching your children about the responsibility of wealth, and

2. telling them about their potential inheritance,

should be done.  The right timing of raising the points, particularly in point (2), can be critical to a successful succession.  In my view, you can discuss the points and issues in point (1) at any time and the earlier the better.  Many have written about the Gen X, Gen Y, Millenial generations and the sense of entitlement.  Children are not naturally this way.  They are taught to be this way.  The danger about raising point (2) too early, especially when your children have not yet started to find their own way in life, is that they could lose their personal and genuine pursuit of personal achievement and instead waiting for their inheritance to come to them.  This would be the most pessisimistic outcome but should be a concern.

Here is an interesting article from US Trust about “having the Talk, the One About Wealth below:

Starting the conversation about wealth – link

Hope this makes you think about your communication and topics to begin discuss with your children when you are ready.

Learn, think, apply.