How Involved Should Your Family Be IN YOUR WEALTH MANAGEMENT?

Jill-Ciccarelli-Rappsby Jill Ciccarelli Rapps, CFP®
Financial Advisor

If you’re like most, you have spent a considerable amount of time and energy on developing and growing your current level of wealth. All that hard work really does reward in more ways than just financial – the pride and contentment you can feel knowing that you have created something is very satisfying.

But there is much more to life than just money and wealth; the intangible legacy you leave your family is likely just as important to you as anything else. However, many find that it is hard to involve their family in their wealth management efforts. There are plenty of reasons for this and it’s worth taking a few minutes to look at some basic points to figure out just how involved your family should be.

It’s important to note that no two families, individuals, or wealth management scenarios are the same. As such, the final decision will always be up to you. However, looking at the following things can certainly help you make the right decision.

How Involved Are They Already? The first step is to look at just how involved your family is in your assets and wealth at the current moment. For example, are you a business partner with a son or sibling?

Do you just employ a few loved ones? If your loved ones are already involved in the wealth generation, you may want to take extra steps to involve them further in your wealth management plans.

What Is Your Plan? Once you move past figuring out who is already involved, you need to figure out your overall financial wealth plan. This can be far more difficult than many realize, especially when you consider things like:

  • Will you set up a living trust or a standard trust? Who is the trustee to be?
  • Who gets what?
  • What about non-monetary assets and wealth?

That last factor can be a hard one to discuss with loved ones, and it is easy for feelings to be hurt and for loved ones to feel slighted. The more you can communicate to your heirs, the more significant your legacy can be to make a difference in their lives.


A lot of time is spent by anyone preparing their living trust, organizing their will, generating wealth, and more. But something that is often overlooked is simply the process of preparing your heirs. While you may decide not to involve your family directly in the process of planning out your wealth management efforts, it’s a good idea to at least prepare them.

There are numerous issues that can come from an ill-prepared heir situation, ranging from hurt feelings to difficulty with asset transition to trouble properly managing the wealth once it is in their name. Preparing your heirs early on can help with this dramatically. A few points to remember:

  • Discuss the process of wealth and asset transition with them fully. This can help them understand what to expect so they aren’t frustrated or challenged by the process.
  • Explain the basics of the division of assets so nobody faces any surprises. This can help make the transition process a bit easier as well.
  • Ensure that the people who are to be in charge of different aspects of your assets understand how to properly manage them and align them in such a way that it benefits the family. Many times, a dress rehearsal is appropriate; giving them a certain amount of money to manage and see how they do.

Taking these basic steps can help you get more from the process of preparing and planning wealth and ensure that you are able to give them everything they deserve.

Why Involve Family? Obviously, some will feel that involving the family isn’t prudent. But consider the simple fact that these are your loved ones, and that while it can seem like a hassle or a burden, it is something that they will likely want to be a part of to some degree. This in turn can help you rest easy knowing that they are prepared and aware of what is to come and that they can handle the responsibilities.

If you need help with the planning process or want to consult with someone about just what the best steps are for your specific situation, Ciccarelli Advisory Services, Inc. can help. Contact us today to find out more about your options and what we can do to help you and your family prepare for the future in the best way possible.

Jill Ciccarelli Rapps, CFP®
Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
Trail North, Naples, FL (239.262.6577)
Jill Ciccarelli Rapps, is a certified financial planner and a trained life coach
and is a Partner of Ciccarelli Advisory Services Inc., a Family Focused Wealth
Management Firm in Florida and New York.
Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
Trail North, Naples, FL (239.262.6577)
Investment advisory services offered through Ciccarelli Advisory
Services, Inc., a registered investment adviser independent of FSC Securities
Corporation. Securities and additional investment advisory services offered
through FSC Securities Corporation, member FINRA/SIPC and a registered
investment adviser.

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