After a loved one passes away, one of the biggest obstacles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among children and other family members. No matter how well you work on your estate planning your family can still make things difficult.
One of the hardest parts of estate planning is navigating family dynamics. When there are multiple marriages and blended families involved, it often presents emotional hurdles to putting an estate plan in place. A lot of times, these types of issues arise from the miscommunication of parents to their children. Having these types of conversations with children, while parents are still alive, helps alleviate the stress and family infighting.
When someone passes away, they may leave their estate to family; however, sometimes sentimental items are left to be divided amongst family members which is where conflicts can arise. When immediate heirs (typically siblings) get together to discuss how inherited assets should be divided up, emotions run high and the process can fall apart. It helps to have a third party assist with the family dynamics so that everyone can come to an agreement.
Having an open dialogue when it comes to dividing assets is important and a major way to avoid conflict. More importantly, estate planning where you create a plan that is specific to your wishes, will minimize the chance of conflict and infighting amongst heirs.