Parents should do what they want with their money, says Kotzer, but they should also think of the consequences. “Will my children be talking after I die?”
Unsatisfied siblings have been known to fight for years about their parents' estate and never even talk to each other again. Don't let this happen to your family.
Recently, the Toronto Star published some stories about family fights over estates in an article titled "Parents should ask: 'Will my children be talking after I die?'"
The most important question parents should ask is contained right in the title itself: will my children be talking after I die?
Many family feuds over estates could be prevented if the parents had considered that question and written their estate plans accordingly. Often all it takes is to understand the points of contention between your children and to plan around those points.
When talking to your estate planning attorney about drafting your estate plan, talk to the attorney about preventing fights between your children. Your attorney likely will have many ideas how you can structure your estate plan to minimize the risk of family feuds.
Reference: Toronto Star (January 2, 2015) "Parents should ask: 'Will my children be talking after I die?'"
