Many children in the United States believe they will receive an inheritance when their parents pass away. But, when there are siblings involved, it can lead to disagreements. With the number of baby boomers passing away on the rise, there is quite a lot of money that is set to be inherited by their beneficiaries. This often leads to arguments over inheritance between siblings.
Many sibling arguments regarding inheritance center around their aging parents and who will care for them. Siblings often count on their inheritance to fund their retirement, college savings, etc., and caring for an aging parent can eat into that savings. Nursing homes, assisted living facilities, and in-home care often costs thousands of dollars each month, which can quickly eat through an inheritance.
There are many instances where one sibling takes on the care of their aging parent while the other siblings have no idea what is going on and don’t offer help. Those who feel entitled to their parents’ money often have a hard time spending it on the care their parents need.
Having ongoing communication with adult children and parents is important in making sure everyone’s expectations are kept reasonable and that a parent’s care is not put in jeopardy. If a family is not able to work out their inheritance disputes, they may want to speak with an attorney who specializes in estate administration. An attorney has experience helping families work through their disagreements and making sure their client’s expectations are met.
Source: Forbes, “The Shocking Reason Why Siblings Squabble Over Inheritance And How To Prevent It,” Kerri Zane, Nov. 14, 2016