Siblings can often be our best friends and closest means of support when times are tough. However, nothing can bring down an estate plan faster than a sibling rivalry over that estate.
Siblings will often protect each other against anyone else in the world. However, they also have a tendency to compete against each other. Think Smothers Brothers.
Siblings can be hyper-alert to any slight and any perceived favoritism shown by their parents. Managing how siblings interact is often one of the most difficult parenting tasks when the children are growing up.
It does not get any easier when the children are adults and the parents are trying to create an estate plan.
This conundrum is the subject of a recent Private Wealth article titled Blood Feuds.”
The biggest issue can be when children believe a sibling is more loved by their parents. It is not always true, but the perception exists. And perception is reality to the perceiver.
When preparing an estate plan, naming one child as an executor or trustee can bring out this perception. The other children often then look for things the designated child might be doing wrong.
This, in turn, can lead to sibling feuds over the estate.
When creating your estate plan carefully consider how your children interact and how they all will react to your decisions with the estate.
Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.
Reference: Private Wealth (March 10, 2015) Blood Feuds.”