5 ways to settle Family Legacy without a feud
Your Last Will and life time earnings & wealth can cause family discord and it is a parent responsibility to make sure that the sibling’s relationship smooth by writing a detailed will. Parents who leave an unequal Will and Wealth can cause family feud.
- Define Fair
Fair does not mean a equal wealth distribution, but the rationale behind the split. That WHY part needs to be explained in detail, why this asset is divided and distributed. This is more often you can see in the family who runs family business. Unequal wealth splitting can cause hard feelings. To avoid the hard feelings, it is the responsibility of the parent to explain the Fairness.
- List all the Assets you own
This is the second major reason for dispute among siblings. If a parent misses out few assets in the will and dividing and distribution of the asset may become a pain point and defeats the purpose of will writing. List everything that you own and leave a detailed will about the distribution of the assets.
- Ask them what they think
One son may be attached to the vacation home & Real Estate assets while the other son may be attached to the business. So before writing your last will, know their perspective on the assets which they want to possess. This will help you to get an idea and their perspective in splitting the wealth.
- Appoint a Will Executioner
This person may be your family friend, trusted advisor or even an elderly person within Family. Only recommendation is this person should be well wisher, familiar & respected person by all family members.
- Follow all the Legal Guidelines
Will is a legal declaration of your Assets. If any dispute arises, a registered will have a better legal back up. A will can be registered at Sub Registered Office. Also it adds more value it supported by 2 witnesses and a doctor endorsement that the testator is sound mind when he registered this will.
Even a un Registered Will also can be attested with 2 witnesses.
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