Estate Planning and Family Involvement: Building Confidence Across Generations

Bringing your family into estate planning conversations can be one of the most valuable steps toward clarity and peace of mind. It is a meaningful way to ensure your legacy is understood, respected and carried forward with confidence.

Estate planning is not just about documents; it is about people, connection and continuity. It is how you make sure your wealth, values and decisions are understood by the people who matter most.

At Rancie Financial, we have seen just how powerful it can be when families plan together. That is why we often encourage clients to involve their adult children in review meetings. This becomes particularly relevant as they get older and need to confirm estate intentions, update powers of attorney or begin planning for aged care in consultation with their solicitor. Every family is different. For some, it is about sharing broad intentions, while others prefer to keep details private until a later stage. What matters is that everyone understands the process when the time comes. It is not about handing over control. It is about helping your family understand how your finances are structured, why decisions have been made and what your goals are for the years ahead.

When families are informed and included, everything runs more smoothly. Including your children in these discussions helps them understand:

• Where your assets are held – such as bank accounts, superannuation, investments and insurance.
• Who to contact – including your adviser, accountant or solicitor.
• How things are structured – such as enduring powers of attorney, executors of the will and death benefit nominations.
• Your preferences and values – including how you would like assets managed or your wishes around medical and aged care.

This clarity helps reduce stress when circumstances change and ensures future decisions are guided by your preferences and values rather than uncertainty. We have seen just how powerful that can be in practice

Recently we worked with a couple who invited their two adult children to join a review meeting. During the discussion, we identified that leaving superannuation to one child and cash savings to another would have created an uneven after-tax outcome. By talking through the structure with both children present, and later confirming details with their solicitor, the plan was adjusted so that each beneficiary received an equal after-tax amount, exactly as intended. The conversation helped everyone understand how things fit together, leaving the family reassured about the path ahead.

These conversations show the value of context and communication. When families understand the reasoning behind each decision, potential issues are avoided and relationships are strengthened. For the children, it was an eye-opening experience. They gained a clearer view of how superannuation, tax and investments work and what thoughtful planning really looks like. Once people see the value of structure and strategy, they often start thinking more intentionally about their own future and goals – whether that means saving for a home, building super or investing for the future.

When we are part of the family conversation, it allows us to support each generation – helping parents plan confidently for later life while guiding children on their own financial journey. And over time, those plans naturally evolve. Changes in family, health or legislation can all affect how an estate plan operates, which is why we work closely with our clients’ solicitors to keep the financial and legal components aligned as circumstances change.

If you would like to explore how family conversations could fit into your broader plan, or simply want to ensure your arrangements still reflect your wishes, we would be happy to guide that discussion at your own pace.

This information is general in nature and does not consider your personal objectives, financial situation or needs. Before acting, consider whether it is appropriate for you and seek professional advice. Rancie Financial provides financial planning advice in relation to estate planning strategies and works collaboratively with your solicitor or estate planner to ensure your financial and legal arrangements stay aligned.