Estate planning advice focuses on open communication and transparency to avoid conflict among siblings after a parent's death.
Sibling relationships can be complicated already — after a messy inheritance, they can get worse. Josh Sheluk's best advice to parents is to make their estate plans simple and transparent, and to communicate them clearly. But that’s an ideal scenario and not necessarily the norm, said the portfolio manager for Verecan Capital Management. ‘Let me start with saying this: roughly half of adults in North America don’t have a will,’ Sheluk said.
‘Of the half that do have a will, I’d say there’s probably a roughly even split between ones that go very, very well, and ones that have some complications or issues associated with them. ‘There are often, way too often, surprises along the way or complications that arise,’ he added. Since parents are in control of the process, children might be left in the dark and potentially picking up the pieces during an emotional aftermath. The best bet for siblings is to communicate with each other — if the parents haven’t done so — especially if one child has more information. ‘In many situations, you might have one sibling that is the executor of the estates, and the other is not,’ Sheluk said. ‘So just being transparent — that other sibling is not going to have access to the same information as the individual who’s the executor. ‘Having that executor lay things out in a very transparent way, communicating along the way, showing the other beneficiaries. Saying: ‘Here is what assets exist. Here’s where we are in the process. Here’s the tax bills that need to get paid.’” With rare exceptions, all of this information should be legally shareable. Patience with the process and each other is also a wise practice, Sheluk added, as sometimes it takes years to settle an estate. Not all siblings get along, however, said Tracey McLennan, director of the client consultation group at Edward Jones Canada. There could be childhood dynamics and resentment that has lasted into adulthood which might come into play within the will
ESTATE PLANNING INHERITANCE FAMILY RELATIONS COMMUNICATION WILLS
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