Nobody wants to have a family dispute. Unfortunately, they happen all the same. They can start for numerous reasons, but it is no surprise that finances are a common cause of family conflict.
Typically, family financial disputes vary from fighting over inheritance (and who will receive what from an estate), funding family events, divorced parents splitting tuition fees, and funding care for elderly parents.
In some cases, they could have been resolved by those involved speaking to one another and forming a proper plan.
But when money is at stake, emotions naturally run high.
Without expert guidance, conversations can quickly become arguments, especially when executing on behalf of someone who has passed away without a plan.
Therefore, estate planning is necessary at any time in your life and any level of wealth. It can eliminate the risk of a family member feeling forgotten, excluded, or disrespected. It can also prevent someone from taking on too much responsibility.
Not to mention, an ill conceived plan can also have unintended tax burdens.
Losing a loved one is one of the hardest things a person can go through, but if their Will or estate is in dispute, this will make it even harder, as it can be expensive and sometimes take years to resolve.
A family dispute over finances can be devastating, so it must get resolved with urgency and care.
A clear, up-to-date, and flexible plan can make all the difference. Our experts can help you with this.
You can find out more about estate planning here.