Not what mom and dad would’ve wanted

By Submitted to Corner Post

Four adult children were bitterly divided following the death of their dad. The oldest son worked the family farm with their father, while the siblings followed career paths in other places. Their mother had passed away a few years earlier.

Each of the children began jockeying to divide the estate in ways that none of their siblings particularly liked. The end result is going to be that, after four generations, the family farm will no longer be owned or operated by a family member. Everyone is dissatisfied. Relationships between siblings and cousins are strained or broken.

Unfortunately, this is a real-life dilemma in rural America. One of the possible outcomes is that family assets are diminished or lost and relationships are torn apart. The key to determining how the story ends is almost always based on proper planning and documentation. Just “talking about it some” is never enough.

If you want to avoid unnecessary probate or litigation costs, not to mention harm to family relationships, make time — and make the effort — to outline what individuals or organizations you’d like to benefit from your assets. A comprehensive plan involves the counsel of professional advisors who are familiar with your goals and concerns, your assets and your family structure.

I doubt that anyone has ever started planning too soon, but the list of those who regret waiting too long to start is a mighty long one. If you haven’t done it already — or if situations have changed — seek the advice of trusted professionals who are qualified to properly advise and assist you sooner rather than later. This includes licensed experts in financial planning, law (wills, estate plans, trusts, etc.), insurance and tax accounting.