When planning their estates there are many different questions that parents should ask. However, the most important question is one that many parents never consider.
Very few rivalries can equal the intensity of sibling rivalries, especially when large sums of money are involved. Battles over parents’ estates can continue long after any court cases are resolved.
Unsatisfied siblings have been known to fight for years and never even talk to each other again.
Recently, the Toronto Star published some stories about family fights over estates in an article titled “Parents should ask: ‘Will my children be talking after I die?’“
The most important question parents should ask is contained right in the title itself: will my children be talking after I die?
Many family feuds over estates could be prevented if the parents had considered that question and written their estate plans accordingly. Often all it takes is to understand the points of contention between your children and to plan around those points.
When talking to your estate planning attorney about drafting your estate plan, talk to the attorney about preventing fights between your children. Your attorney likely will have many ideas how you can structure your estate plan to minimize the risk of family feuds.
Reference: Toronto Star (January 2, 2015) “Parents should ask: ‘Will my children be talking after I die?’“
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