Inheritance is often a taboo subject that families dance around because it can be uncomfortable and upsetting to think about. While it is certainly a sensitive topic, it is also something that must be discussed, as this can prevent future family conflict, support better planning, and help avoid financial complications during probate. Keep reading to find out more.
Why Families Avoid Talking About Inheritance
Families often avoid talking about inheritance, and it is easy to see why. It is uncomfortable and upsetting to talk about when a loved one is no longer around, plus discussions around money are always difficult. While money and mortality might not make for the jolliest conversations at home, silence on the topic often does more harm than good – research shows that 1 in 5 families end up arguing over inheritance due to a lack of communication.
The Financial Benefits of Open Communication
Open communication is important when it comes to inheritance as this is how you communicate your wishes, manage expectations, prevent family disputes, and support financial literacy within families. Open communication now also means that you do not have to worry about having these conversations later on, which can be harder or even impossible when you or a family member is unwell.
When Life Happens Before the Will is Settled
Of course, there are often times when family members need access to their inheritance before it has cleared. Probate is notoriously a lengthy process that can take up to a year, which is difficult if a recipient needs the money now for a deposit, to clear debt, or for any other purpose. In these situations, an inheritance advance loan can provide short-term relief during the probate process.
How to Start the Conversation
So, how can you go about starting the conversation? It is never easy, whether you are the parent, grandparent, or beneficiary, so you want to make sure that it is at the right time and in the right place. This should be a time when nobody is in a rush or feeling stressed/emotional, and somewhere private where people feel comfortable (ideally in the family home). You should discuss the topic openly but with sensitivity, and make sure that everyone is clear and has any questions they have answered. You should also ensure that people feel comfortable bringing up the topic again in the future if they need to. Often, these conversations are much easier to have once you have had the first one.
While it might not be the easiest conversation, it is important to discuss inheritance with your family and make sure that everyone understands. Hopefully, the information in this post will encourage you to open these discussions in a sensitive manner so that you do not have to worry about issues and disputes.
