Duking it out seems to be the trend. Why does everyone insist on fighting? Senior financial planning or lack of causes issues. We must have our estate in order!
Just today at a nice family dinner, my children were talking about the art in our home. These are kids who don’t live here anymore. So the discussion started about our artwork. A predominant amount of 3 famous artists, about 15 pieces to discuss and value averaging between $750 – $10K a piece. Guess what? The oldest feels he is entitled to all of them. Hmmmm. Okay most of them. Why does he feel that way? Because society or generational conversations have established that the eldest is entitled to the most.
I say NO! While I agree that my eldest is certainly entitled to his fair share. So are his siblings. Just because you entered the world first doesn’t mean you are entitled to more. Maybe as parents we have provided you more support over the years. Maybe not. Regardless, fair division comes in many shapes and forms. As parents, we need to make sure our senior financial planning is in tack and a will represents our wishes well.
So now what?
We published a previous article https://seniorslifestylemag.com/finances/sibling-rivalry/
It gives you a real sense of what needs to happen to ensure senior financial planning is well underway. It also shares what can happen if we don’t do this.
At the end of the day, as parents we need to make sure our wishes are well documented. As children of seniors, we need to discuss what we want or don’t want and fairly help to evenly distribute any assets amongst ourselves and our siblings. And no fighting, because once our parents are gone, all we have from our original family, is our siblings.
Talk to your lawyer or financial advisor about how to set things up fairly. And most importantly, talk to your children so there are no surprises! Senior financial planning can be as simple or complicated as you want to make it. Do what is right for your family. Now and forever.