When it comes to disputes over a parent’s estate, siblings are usually the ones fighting.
Sometimes, unresolved childhood rivalries can resurface during estate distribution. In other cases, some siblings may feel more entitled to a bigger share because of their relationship with their parents.
But whatever the situation may be, sibling conflicts over estate matters can make an already difficult process even more complex.
If you anticipate these problems in the future, consider these steps:
Communicate openly about your estate plan
As you plan your estate, open communication with your children is crucial. Gather your family for a thoughtful discussion about your plans. Create an environment where they feel comfortable asking questions and voicing concerns.
Prepare for potentially emotional reactions, and respond with patience and understanding. Take time to explain your reasoning behind each decision, whether it’s about dividing assets or distributing sentimental items.
This transparency can prevent misunderstanding and, hopefully, reduce the likelihood of future conflicts.
Consider equal treatment
While equal division is not always possible or desirable, it is often the simplest way to avoid perceptions of favoritism.
However, if you need to distribute assets unequally, clearly explain why to your children. Perhaps the first child already received a lifetime gift and the other did not, prompting you to give a bigger share to the second child. Whatever the situation may be, explain your reasoning.
Prioritize clear documentation
Ensure your estate plan is clearly documented in a legally sound will or trust. An estate planning attorney can help you create detailed, specific instructions for asset distribution, particularly when it comes to your children’s shares.
They can also help you remove room for misinterpretation in your estate documents, which could lead to disputes.
Appoint a neutral executor
To avoid perceptions of favoritism among your children, consider appointing a neutral third party as your executor. This could be a trusted friend, a professional executor or even a corporate trustee.
A neutral executor can manage your estate without bias, which can be difficult if one of your children or another family member takes the role.
Early preparation can go a long way
Planning your estate can benefit your family in more ways than one. Aside from securing their future, making these preparations early can help prevent disputes after you’re gone.
No parent wants their children to fight. That said, a well-crafted estate plan can be our final gift of family harmony.