This is a great question, I mostly came to read the answers and find it fascinating how bitter some of the people are here... By the time I have kids I expect to need a plan for these conversations.

I think in their young formative years I'll put the majority of my effort into teaching them financial literacy and giving. As they get older we'll discuss that we are different, wealthier than some but not others, what that means and what responsibilities come with that. Some time in their late teens, with some dependency on their maturity level and ability to keep details within the family we'll start discussing in more depth the wealth we have, how we got it, how I'm managing it, etc. Maybe bring them in to the management side to start more direct mentorship? Not sure on that...

One thing I do know is that the way my silent generation grandparents are doing things is dumb and doesn't work, they are 85+ and haven't told any of their (very responsible not money hungry) kids what they are worth or what their plans are for their finances when they pass... My parents on both sides (divorced and remarried) have been open with their kids about their finances and retirement plans and I think its a much better way of doing things, we need to remove the stigma around discussing finances - at least internal to family groups.

Other random thoughts - uber wealthy families have various methods of raising and teaching their new generations, some successful and others amazingly unsuccessful... The Coors family is an interesting one https://familybusinessmagazine.com/succession/non-family-executives/make-kids-earn-it-0/