Brought to you by the Every Dollar app. Start budgeting for free today. Okay, today's question comes from Maggie in Utah. She says my husband and I are in our early to mid-50s and he plans to retire at 60. I'm not sure when I will retire. We have about 3.5 million in assets. Our children are 16 and 21. When is the right time to sit down with one or both of our kids to go over our assets in case something happens to us? I think our 21-year-old son would not be affected by the news and go on about his life as usual. If we tell our daughter, who's 16, I'm afraid she will get stars in

her eyes about all the things she could buy. We don't plan to die soon, but you never know what

could happen in life. Yeah, I think that's a great question. I wonder, it's all really going to be

based on what your will is and what you plan to do with this money.

I mean, obviously, I would not have this set up, John, that if something happened, like, if something happened to Sam or I, the kids aren't getting all of this money, lickety split.

Correct. Right.

It is something that will come in increments at certain age points with other

certain things intact. Like to Dave Ramsey's point, you can't be on drugs to get this money, right?

And so I'm not sure what your plan is, Maggie, but I want to make sure that's not the case

because an 18-year-old suddenly getting a dollars is doesn't usually go well.

Yeah, I'm reading this as she's wondering, when do we sit down until our 16 and 21 year old

that we have three and a half million dollars in assets?

And this is how we're going to divide this up.

And to my point that I'm trying to make is I want to make sure they have the right plan in place

first so that when they do tell them,

it's not, hey, and by the way, when you're 18, you're going to get a million dollars.

So I think the way to avoid stars in the eyes is to say, here's what's going to happen.

Like, if we were to pass away, here's what would happen.

You would be gifted the money to pay for school.

And at this age, you'd be given the money to have a down payment on a home. And at this age, you'd be given, you know, and walk through it so that at every point in time,

it's you're receiving this money and here's what it's for as opposed to. And you're just going to

be Scrooge McDuck rolling in bills, right? So I think it's all about how you have it set up, how you speak about it. And truly, all of this is about what you've been teaching over time, right, from the time they were eight years old, you know, or younger about how to handle money. And so the hope is that the 16 year old will have some level of, okay, you know, and as she gets older, even more level of,

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