They say it right when they say “Money is the root of all kinds of evil”. This evil has come out to be stronger than the blood which runs common between siblings and bind them in an unbreakable bond of love and support. Money acts rather as water which impurifies the blood and weakens the bond to such an extent that love turns into hatred and support in to unending rivalry. This money usually comes from rich parents who work all their lives for the future of their children but unfortunately, they forget to make the last move and step on the struggle of their entire life. What is that last move? When should one make it? How should one make it? This article will address all these questions.
Sibling rivalry is no secret these days. It mostly rises after death of the uniting force of family- father. As soon as the funeral is conducted, attention is diverted to the property which he has left behind him. This gives birth to “heir warfare”, intensity of which depends upon the enormity of inherited wealth and number of contributors. Most people caught in this inheritance battle had assumed that this sort of thing will never happen to them but, history is evident that wars start at the most unexpected moment.
Some common indicators that a war is looming in your family and may catch fire after your death are: economic disparity among heirs, undue influence of elder siblings, dominating nature of an heir, parents’ undivided attention to only one child, greedy relatives etc. These signs are more of warning for you to make your last move carefully.
That last move, according to Steve Bliss an estate planning attorney in San Diego, is to plan your estates. This could be done by either a will or living trust. A will is a written document which provides detailed description about the share of every heir and becomes effective after the death of owner of wealth. On the other hand, “a living trust is a legal instrument where the client (grantor) contributes all their assets to a trust and have the use and benefit of those assets during their lifetime and then upon death, those assets are distributed according to the terms of the trust”. These both tools, if designed carefully, help avoid many conflicts.
Here, it is of prime importance that the legal document is written in a clear and detailed manner to escape the confusions that initiate the battle between heirs later. This inheritance issue is very sensitive and even if 99% of matter is sorted, 1% of confusion lead to clashes of generations. These clashes not only put the name of family at stake but cost a lot if taken to the court for solution. Just the careful consideration of this matter and one strong will can help your family ignore this issue forever.
It’s even better to cut the evil from its roots. No, I am not suggesting to burn all the money! But, make money for living, do not live for money and teach your children the same. Give equal importance to every heir and solve any economic disparities while you are alive. Also, as Steven Bliss suggested, make arrangements for your elderly life in living trust. Invest for your health care, living and other needs so that your heirs can’t put you in nursing hour while they fight for wealth. Your planning will keep you and your family away from the troubles that money is bringing to everyone these days.