Before they pass away, Warren Buffett advises all parents to do one thing, regardless of their wealth.

• Before signing your will, it's advisable for parents to let their adult children read it.
• In a letter on Monday, Buffett advised ensuring that each child comprehends the reasoning behind his decisions and the duties they will inherit after his passing.

Warren Buffett advises parents, regardless of their wealth, to let their children read their will before signing it.

In a letter on Monday, Buffett advised that each of his three children comprehend the reasoning behind his decisions and the duties they will inherit upon his passing.

"Buffett advised in his letter, "Listen carefully to any questions or suggestions and adopt those that make sense. Don't leave your children wondering 'Why?' about testamentary decisions when you can no longer explain.""

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'Tough conversations' that 'strengthen relationships'

Buffett advised revealing your estate plan, and Douglas Boneparth, a certified financial planner, concurred.

Boneparth, the president and founder of Bone Fide Wealth in New York City and a member of CNBC's Advisor Council, stated that having tough conversations can strengthen relationships when approached correctly.

Boneparth advised that you want your children to have realistic expectations about their inheritance.

To avoid confusion, it is important to be clear and thorough when communicating who will receive what and why, especially when children's imagination can lead to unrealistic expectations.

Boneparth advised against "punting that mess for when you're not around" and instead encouraged discussing it with kids to avoid them feeling hurt or unfairly judged.

In his letter, Buffett recounted how he had seen many families torn apart after the death of a loved one, due to the confusion and anger caused by the posthumous dictates of the will. Jealousies and perceived slights from childhood were magnified.

If the inheritance is not divided equally among siblings, it may be due to reasons such as one child receiving more because they got help with a down payment on a house or attended a more expensive college, or a child with a spending problem inheriting a trust that receives their bequest in regular installments, as Boneparth explained.

If one child is in a much better financial situation than another, you might ask the more comfortable one if they would be okay with you leaving them less, said CFP Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.

McClanahan asked the wealthy child, "Do you truly care about how I dispose of our assets? Your brother is an artist and could benefit from some additional support."

"So that the child won't feel slighted when they discover the truth," she stated.

In his letter, Buffett defends his thoughts by stating that his father did the same with him.

When 'sharing that information can be damaging'

McClanahan, a member of CNBC's Advisor Council, typically agrees with Buffett's suggestion that adult children should have a say in the will.

"Consider consulting with your children about their wishes before drafting your estate document, McClanahan advised."

In some exceptional circumstances, it may be prudent for parents to omit certain details in their will, according to McClanahan.

If a child is irresponsible with jobs or money, learning that they stand to inherit a lot may further erode their work ethic and ambition, McClanahan said.

Sharing information about immature children can be damaging, she said, and she recommended writing a letter to them explaining estate decisions that they won't see until after they've passed.

"McClanahan stated that since every family is unique, there shouldn't be a standard rule to follow."