There are times when siblings talk about money; however, this doesn’t typically lead to any type of argument or disagreement.
But here’s something else you need to think about: When siblings do fight about money, it is often their parents who are at the center of the disagreement.
There are many things that can lead to these arguments, including:
— Financial support provided to an adult child
— Financial support provided by children to an aging parent
— Estate planning, such as who is in line to receive what upon their parents’ passing
It goes without saying that most parents will do whatever they can to prevent money squabbles among children. Unfortunately, there is only so much that they can do to keep this trouble on the outside looking in.
One of the most important steps a parent can take is talking about estate planning topics with their children. You don’t have to divulge every bit of information, but you should make it clear as to what is going to happen to your estate upon your passing. This goes a long way in making it easy for everyone, such as your children, to understand your intentions.
There is never a good time for siblings to squabble about money. In the most serious of situations, this can lead to a relationship that is severed forever.
As a parent, do your best to discuss the details of your estate plan with your children. They may not like your decisions, but it’s good to present these details and answer any questions that may be able to help prevent an argument.
Source: CNBC, “Sibling money fights are rare, but there’s a common cause: Parents,” Kelli B. Grant, June 21, 2017