In fact, according to the same survey, roughly 33% of all the millennials polled felt that a monetary gift is a way for the older generation to exert influence over them. This difference could very well result in arguments over how the inheritance is distributed as well. Folks over 50 think it's fair to divide estates equally among heirs, only a third of millennials felt the same way. The younger generation is more open to weighing financial needs and other factors to determine a recipient's worthiness.
Getting family members to talk to one another about estate planning can be tough even when everyone agrees but when you have two such disparate points of view it can be very sticky indeed. That's why I always recommend trying to get everyone involved early, so that the giver can help avoid any disappointments or misunderstandings. Don't leave any surprises for loved ones to sort out after you have passed. Make certain that they are aware of the emotional legacy rather than the financial details.
Strong family communication can make an unequal shares distribution easier to handle. Sometimes a trade-off is helpful—as the giver can pass along something meaningful to each heir—when the gifts don't have the same financial value.
With the help of an experienced estate planning attorney, even people with very little are able to give in an extremely meaningful and loving way. Now that’s a plan that works. Call us today to schedule your complimentary consultation or register online for one of our workshops on this and other topics of interest.
Reference: Reuters (April 15, 2016) "Equating inheritance with love can cause discord"