Understanding How Assets are Divided
Money, particularly large amounts of it, can wreak havoc on a family. Losing a loved one, particularly a parent, results in complicated emotions and deep rooted feelings of sibling rivalry can surface when the last will and testament is read and siblings receive different amounts of money.
Even siblings who receive equal shares of inheritance can end up feeling slighted over the fact that one sibling received financial help during his life while another did not, and the sibling who didn’t need help may be sour that another sibling ultimately ended up “with more”.
Easing Pain by Talking to Your Beneficiaries
Parents can help avoid any feelings of ill-will by talking to their children about their inheritance decisions before they pass away. It can be a difficult conversation to have, but no one wants to think of their family being in more emotional distress or experiencing feelings of neglect when they are gone. Adult children should also know who the personal representative will be and why.
The more information parents can share with their adult children about how they made the decisions they made should help ease any possible feelings of disappointment or confusion.
Get Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you make a plan for dividing your assets that fits your goals and values for your family and she prepare you to talk to your beneficiaries too. Contact us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning