Fidelity has a warning for families: having a will is not the same as having a plan your kids actually understand. New research shows most parents finish the paperwork but stay quiet about what's inside it. That silence can turn into real confusion and stress later, right when a family is already grieving.

Quick Take

• 81% of parents have finished at least one estate-planning document, like a will or power of attorney.
• Only 19% have actually talked to their kids about what's in those documents.
• 68% of parents have told their children nothing about what they might inherit.
• Just 37% of older adults feel strong peace of mind about their planning overall.
• Parents who shared their plans felt over three times more confident than those who stayed silent.

The Gap Between Paperwork And Peace Of Mind

Fidelity calls this its 2026 Transition Ready Family study. It looks at families right as a huge wave of money starts moving from older generations to younger ones.

The study finds a strange split. Most parents finish the hard part. They write a will, pick beneficiaries, name someone to have power of attorney (that means someone legally allowed to make decisions for you if you can't). But then they stop. They don't tell their own kids any of it.

Only 19% of parents have discussed their completed plans with their children.

That means four out of five families could be caught off guard later, even though the paperwork already exists.

Why Parents Stay Quiet

This isn't always about parents not caring. Talking about money and death at the same time is hard for almost anyone. Many parents worry that telling a child about an inheritance early will change how that child acts, or spark fights between siblings.

Some parents also just see their finances as private. Fidelity's past research backs this up — 68% of parents have shared nothing with their kids about what they might inherit, or whether they'll inherit anything at all.

The Hidden Cost Of Staying Silent

Here's the problem: keeping quiet doesn't just affect the moment after a parent dies. It affects how parents feel right now.

Only 37% of older adults report strong peace of mind about their planning.

More than half of parents who already finished their plans still don't feel confident about them. But parents who told their family what the plan says felt over three times more confident. Talking about it doesn't just help the kids later. It helps the parent feel better today.

Documents Can't Explain Themselves

A will tells people who gets what. It can't explain why a parent made that choice. A power of attorney gives someone legal authority, but it doesn't tell that person where to find the accounts, what bills need paying, or what the parent actually wants done.

Modern estates are rarely simple, either. A family might inherit a mix of things at once:

Someone learning all of this for the first time, right after a parent's death, is doing it while grieving. That's a lot to handle at once.

You Don't Have To Share Everything

Fidelity isn't telling families to reveal every dollar. Parents can still keep exact numbers private. What matters more is explaining the big picture — who is responsible for what, and why certain choices were made.

Even a short conversation helps. Just telling a child "you're named as a beneficiary" can open the door, without revealing how much money is involved.

Why It Matters

The financial industry has built complex tools — trusts, beneficiary designations, tax strategies — to move wealth smoothly between generations. But none of those tools can explain themselves to the people left behind. Fidelity's research suggests the last step of any estate plan isn't a document at all. It's a conversation.

Related reading from us: New AI Rules and Tax Traps Are Reshaping How Lawyers Plan Your Estate