Parents always want to help their children, and this impulse often extends beyond the death of the parents. However, a will can be more than a means of passing assets from one generation to the next. Therefore, planning and preparation, including communication with the intended recipients (and also expectant, but non-receiving, recipients) is essential for a will to be honored by all involved.
As a recent New York Times story explains,
"Putting off discussion and then springing an unwelcome surprise in a will can poison the reservoir of family joy that parents want to bequeath to the next generation, resurrecting or exacerbating sibling rivalries, especially in blended families created through divorce or remarriage after the death of a spouse.
"Succession is a natural progression, as old as the concept of private property, yet many parents never bother to tell their children about plans for their estate."
Although the story is a good starting point for effective estate planning and family communication, it fails to fully explore the more difficult, but still common, scenarios where family members have no reason to get along in the first place, such as a spouse and children from a second marriage, and children from the first marriage. Also, will disputes can get ugly fast if there are no direct descendants of the dearly departed, and then nephews, nieces, siblings, neighbors, and friends may all be in the mix of those who inherit and those who think they should.
In addition to the linked story, the New York Times offers this special section on wealth and personal finance.
In another post in the near future, I will look at "decoding" the language of wills and estates, by beginning a glossary of terms.
Posts
No comments:
Post a Comment