Divvying Up Your Assets

“Fact is, money does crazy things to families.” An article on Forbes website discusses how money has the capability to tear a family apart upon the death of a loved one.

Writer, Robert Laura provides examples of families he has worked with and how their relationships turned sour when money was not divided as they had expected. The key to avoiding this type of fall-out, Robert explains, is clarifying financial expectations and separating personal issues from financial issues. He states, “If you don’t tell people what to expect, they make their own assumptions. And generally the assumptions are in their best interest and anything short of that is disappointing, unfair, and even heart breaking.”

Setting clear expectations is a simple solution to avoid long-term damage to family relationships. However, many people avoid having this conversation with their loved ones until it is too late. This article speaks to the importance of discussing these topics with your loved ones early on, despite the discomfort it may cause.

Robert also speaks to the importance of avoiding use of beneficiary designations to handle present relationship issues within the family. He urges readers to “Be open to discussing your relationship issues instead of turning to financial factors to address them. When your feelings get hurt, let others know but do it in a way that’s designed to keep the relationships strong so that when you are gone you’re remembered for keeping the family together, instead of letting your estate plan or a little tiff pull them apart.”

If you have questions about your estate plan or need to make changes, please feel free to give us a call at Tully Law, P.C. at (631) 424-2800