If you want to prevent your children from fighting over your estate after you pass away, one of the best things you can do is to sit down and have a conversation with them. Tell them about your plans. Make sure everyone is on the same page.
This can eliminate disputes in two ways. First off, it helps to eliminate surprises so that they do not feel like their expectations were not met. Secondly, it gives them a chance to talk to you directly about your decisions, rather than arguing with siblings about what you would have wanted.
Here are four tips that can help during this process:
- Give them a chance to talk. Remember that this is a time for them to tell you what they want or expect, which may be different than what you assumed.
- Focus on a cooperative spirit. Think of this as something that you can all work together on to make life better for everyone.
- Talk about it in advance. Don’t put this meeting off until the last minute. Have multiple meetings, start early and allow it to be an ongoing process.
- Don’t think of wealth as a taboo subject. People often feel uncomfortable talking about money, but make sure you put out exact figures and be as open as you can.
Setting up these meetings with your children can absolutely help keep them close to one another after you pass away. Arguments about money tear many families apart, and that is what you’re trying to avoid. Make sure you know exactly what legal steps to take to set up your children’s future.