Navigating Sibling Rivalry Through Succession Planning.
We’ve all seen movies where a person of means passes away, leaving their loved ones to wonder what, if anything, they will inherit. There is the nail-biting reading of the will scene, where one child is shocked to learn they have been disinherited “for reasons known to them,” or offspring no one knew about shows up to claim control of the company and the lion’s share of the estate. A battle ensues, pitting sibling against sibling and ending in estrangement and, inevitably, a mountain of legal fees. While this may seem like the stuff of Hollywood drama, the truth is that even the closest real-life families have been torn apart by money. Here are some factors that may cause problems among your heirs and ways you can avoid them with succession planning. Transparency, transparency, transparency. The first step is…