Litigation

Inheritance delays and myths

By David Austin and Barry Goldberg

Is an inheritance all about Money?  No

Did you know that most conflicts are over a will or legacy are not related to money?

Myth # 3 - Money is the most important legacy

The myth that boomers are all about money and materialism dies hard and the reality is boomers are more likely to say their parents’ last wishes and possessions of emotional value are important to their family legacy. The elders are 4 times as likely as boomers to think they should focus on financial assets and real estate. This deep misunderstanding can have tragic results. Elders may be reluctant to broach important topics such as their last wishes, and focus only on their financial legacy. They may either ignore or even get rid of family heirlooms that may be cherished by their children!

Myth #4 - Money is the biggest source of conflict

Money as the results show are the least likely source of conflict during a legacy transfer. See below for survey results to the question, ” Which one of the following was the greatest source of conflict in the transfer of your parents’ inheritance and legacy”?

Fulfilling last wishes - 15%

Distribution of personal possession - 15%

Distribution of real estate - 11%

Choice of executor - 8%

Understanding choices - 6%

Distribution of finances - 3%

Source:  Will-Help.com

Full post as published by Cash Flow Solutions Blog on March 28, 2008 (boomark / email).