Have you ever wondered why families are torn apart after the departure of a loved one? The answer in most cases is due to family conflicts arising from sharing deceased assets. Many people believe that inheritance is merely straightforward, that whenever a member of the family dies or is old, and they transfer their assets to their children or other family members through various means including money, stocks, property, and some other assets.
It is however not always a straightforward case in distributing inheritance across the country, as transfers of wealth within a family has led to severe disputes within the family. At the initial stage, it may seem that dealing with taxes on an estate as well as government regulations can be a daunting task, but the truth remains that one of the most significant conflicts that may arise when it comes to family inheritance is conflict among family members themselves.
Family Conflict: Greatest Threat to Inheritance
This claim is not just speculation but has been substantiated statistically as recently as this year. TD Wealth recently did a poll in January 2018 at the 52nd Annual Heckerling Institute on Estate Planning in Orlando, Florida. Therein, they discovered that 44% of attorneys, trust officers, and accountants out of 109 professionals believed that family conflict unarguably most threatened estate planning. As sad as this may sound, this statistic is capable of getting worse over time.
Money is a primary factor
Even though a countless number of reasons exist for squabble within families in this area, money remains the primary factor. Family members such as former spouses, siblings with bad histories, and estranged family members, family relations get strained beyond repair at the prospect or thought of getting less than they expected or “deserve.” Money can be the origin of fighting a legal battle with family members, potentially for years on end. Ameriprise Financial, states that there are three main reasons for family conflict when it comes to inheritance are unreasonable expectations, a lack of proper communication and family drama.
Have an inheritance within your estate plan
One of the essential parts of having a heritage within your estate plan is continually updating it from time to time if you feel that your family situation warrants the change. Whatever your case may be, make sure to do your investigation. If your plan is to leave your heirs an estate, it is highly suggested that you discuss with a licensed estate planning attorney like Morgan Legal Group PC who can take you through the legal process of making sure your assets are ready to be smoothly transferred to the right person(s) and at the right time. Though splitting assets can be challenging, most families do not want money-fueled conflicts.