Warren Buffett suggests all parents do one thing before they die, whether they have 'modest or staggering wealth'

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• Warren Buffett advises all parents to let their adult children review their will before they sign it.
• "Make sure each child understands the reasons behind your decisions and the responsibilities they will take on after you pass away," Buffett wrote in a letter on Monday.

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The "Oracle of Omaha," who has amassed a massive $150 billion personal fortune, has three children.

You don't want your children to question your testamentary decisions once you're no longer able to explain.

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Difficult conversations" that "deepen connections

A certified financial advisor, in alignment with Buffett's counsel, suggests that you disclose your estate plan.

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You think your kids should have a clear idea about what to expect from their inheritance.

"People's imaginations may go wild when thinking about what gifts they should receive," he said. As a result, you should try to be as clear and thorough as possible about who gets which gifts and why.

Some people might be concerned about hurting their child's feelings or having a child think something is unfair. As a result, you should actually have an open conversation about it, rather than putting it off until you're not around.

In his letter, Buffett remembered seeing "many families torn apart after the will, made after someone had passed away, left inheritors feeling confused and sometimes bitter. Childhood rivalries, whether real or imagined, became greatly exaggerated."

When the inheritance isn't divided equally among siblings, you should explain the reason behind it, Boneparth said. Perhaps one child will receive more because another received assistance with a down payment on a house or attended a significantly more expensive college, he said. On the other hand, a child with a spending problem might leave or inherit a trust, in which they receive their legacy in regular installments, Boneparth added.

founder of Life Planning Partners in Jacksonville, Florida.

The well-off child might be asked by McClanahan, "Do you really care how I leave my estate? Because your brother, who is an artist, could use some extra financial assistance."

That way the child won't feel slighted when they eventually discover the truth.

In his letter, Buffett writes: "I see nothing wrong with me defending my thoughts. My dad did the same with me when I was younger."

Sharing that kind of information can be potentially damaging.

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When you're making your will or estate plan, ask your kids ahead of time what's most important to them," McClanahan said. "This will help you make those wishes count.

It's sometimes ideal for parents to leave out specific details in their will, McClanahan stated.

She advises parents to be more cautious if a child has already taken financial advantage of them. And she warns that if a child isn't responsible with work and money, learning they'll soon inherit a large amount of money could actually undermine their motivation and work ethic, McClanahan said.

"If you have minor children, sharing that information can be harmful," she said, suggesting that in these cases, they write a letter to their children, which they won't be able to read until after they've passed away, detailing their estate planning decisions.

Every family is unique," McClanahan said. "That's why there shouldn't be any standard rule.