We all want our families to stay close. Yet there is often at least one person who is estranged from all or part of the rest of the family. Maybe one sibling isn’t speaking to another. Often it is because of a conflict over an inheritance.
One might have gotten more. Or one might have gotten a priceless family heirloom. Whatever, the object of the dispute, it is a tragedy. Inheritances should help a family, not split it apart.
The biggest cause, says an article in Forbes, is usually surprise. One party was blindsided.
So you can often help prevent these family splits by disclosing in advance the details of your plan. This can help you deal with disagreements before you go.
A study cited in the story said only 19 percent of adult children had received detailed information about their parents’ estate plans before the parents died. At the same time, studies show most people think detailed discussions are needed.
Communication is the key. If you are planning not to split your assets evenly, it is important to explain your reasoning to your heirs. Maybe one child has special needs or needs help with college.
If you explain your decision-making process, it is likely to help reduce disappointment and keep the family in tact.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
