Published in Investopedia | Wealth | Trust & Estate Planning
by Barbara Weltman on August 5th 2024
Sibling disputes often erupt after a parent dies and when it’s time to divide up the assets of an estate. These fights can result in lengthy and expensive legal actions. They can also damage family relationships.
However, a little forethought from parents can prevent such disputes. And siblings can rise to the occasion and employ basic strategies to stop arguments before they start.
Consider the following ideas to avert or resolve conflicts:
Parents usually know whether their children are likely to fight over their inheritance and should take action while living to prevent conflicts after their death. Whatever a parent decides, they should review their decisions from time to time. Feelings among siblings and financial circumstances can change, and plans should be revised accordingly. If steps are not taken before a parent’s death, you can still use strategies to minimize conflict during the estate settlement. Consult with a lawyer to decide the best course of action. And be sure to write a will yourself so that you maintain control over how your assets are distributed.
Barbara Weltman
