Whether or not you watchedSuccession(how could you not?
Heres what to know about discussing family money with your siblings before its too late.
So, how do you avoid bad blood?
Mitchell says it comes from having clear, proactive communication as early as you’re free to.
Lets take a look at how that kind of conversation should take placce.
It doesnt matter what her reasoning iswhat matters is that its her estate and her decision.
And even if your family shies away from money talk, now is the time to tackle that taboo.
Mitchells number one piece of advice: Nothing should be a surprise.
Its just the nitty-gritty of accessing accounts and following what the will says.
And heres a glimpse of what that nitty-gritty involves:
Documents:Where are your parents important financial documents?
Who can access them?
Health:What are your parents desires for long-term care?
Who will make end-of-life decisions?
Is there money set aside for their end-of-life care and funeral expenses?
Personal property:How will it be divided?
Who gets the house?
How will jointly-held assets be managed?
Responsibilities:Who will help settle the estate?
Will one sibling take on more responsibility than another?
Inheritance:How will any inherited funds be distributed?
Are the funds held at a bank or brokerage?
Debts:Do your parents carry significant debt?
Will the debt be transferred to one or multiple siblings?
The bottom line
Early communication is key to avoiding lengthy and irrelevant fights down the line.
And most importantly: What did Mitchell and other estate lawyers think aboutSuccession?
Apparently, it was perfectly emblematic of all the family problems you encounter when a major patriarchal presence dies.
The its not fair mentality among siblings doesnt go away with age.
For more tips on all kinds of estate planning topics, check outTrust & Wills resources here.
