Blue Oceans Private Wealth | iA Private Wealth | Award Winning Wealth Management
The Bitter Inheritance: How Picking an Executor Can Tear Families Apart During Estate Planning and Settlement
Meet Emily and Sarah. They had always been close growing up, but as they got older, their relationship became strained. It all started when their parents, who were successful business owners, began discussing their estate planning.
Their parents had done everything right when it came to estate planning. They had worked with professionals to ensure that their assets were distributed according to their wishes. But despite their best efforts, the estate settlement process ended up creating tension and rivalry between Emily and Sarah.
Emily, who had always been the more business-savvy of the two sisters, was named the executor of the estate. She worked with the family lawyer to distribute the assets according to their parents’ wishes, but Sarah felt that Emily was making decisions that favored her own interests over those of the family.
Sarah accused Emily of withholding information and manipulating the estate settlement process to her advantage. The two sisters stopped speaking to each other, and the family business began to suffer as a result.
As the months went on, Sarah began to wish that their parents had done more to address these issues before they passed away, and she regretted that their relationship had become so strained.
The sad truth is that the estate settlement process can create or exacerbate sibling rivalry, especially when emotions run high and money is involved. But it doesn’t have to be this way.
Families can avoid these kinds of conflicts by being proactive about their estate planning. It’s important to have open and honest discussions about your wishes and intentions, and to involve all family members in the process. Consider appointing a neutral third-party as the executor of the estate, to avoid the appearance of favoritism or conflict of interest.
We understand how delicate the estate settlement process can be, especially when sibling relationships are at stake.
That’s why we offer professional estate settlement services to help families navigate the complexities of the process. Our experienced team can arrange a neutral third-party to ensure that the estate settlement is carried out in a fair and objective manner, minimizing the strain on family relationships.
If you’re dealing with estate planning issues and are concerned about potential conflicts, consider reaching out to us to discuss the option of utilizing a professional 3rd party to settle the estate. We can help you find a solution that honors your wishes and preserves your family’s bonds. With the right attitude and approach, you can overcome even the most challenging of obstacles and build a stronger, more united family.
Do you need to update your Will? Schedule a date and time for your complimentary no-obligation consultation. Together, we can create a plan that puts your mind at ease. Don’t wait any longer!
*This scenario is fictional and for illustrative purposes only.
Earn Tax Free Retirement Income
We believe that your retirement should be a time of excitement, adventure, and fulfillment. Our team is passionate about helping you achieve your retirement dreams. That’s why we want you to learn more about earning tax free income during retirement.
By submitting this form, you are consenting to receive marketing emails from: Blue Oceans Private Wealth, iA Private Wealth Inc., 5195 Harvester Road, Unit 9, Burlington, ON, Ontario, L7L6E9, CA. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
Meet Emily and Sarah. They had always been close growing up, but as they got older, their relationship became strained. It all started when their parents, who were successful business owners, began discussing their estate planning.
Their parents had done everything right when it came to estate planning. They had worked with professionals to ensure that their assets were distributed according to their wishes. But despite their best efforts, the estate settlement process ended up creating tension and rivalry between Emily and Sarah.
Emily, who had always been the more business-savvy of the two sisters, was named the executor of the estate. She worked with the family lawyer to distribute the assets according to their parents’ wishes, but Sarah felt that Emily was making decisions that favored her own interests over those of the family.
Sarah accused Emily of withholding information and manipulating the estate settlement process to her advantage. The two sisters stopped speaking to each other, and the family business began to suffer as a result.
As the months went on, Sarah began to wish that their parents had done more to address these issues before they passed away, and she regretted that their relationship had become so strained.
The sad truth is that the estate settlement process can create or exacerbate sibling rivalry, especially when emotions run high and money is involved. But it doesn’t have to be this way.
Families can avoid these kinds of conflicts by being proactive about their estate planning. It’s important to have open and honest discussions about your wishes and intentions, and to involve all family members in the process. Consider appointing a neutral third-party as the executor of the estate, to avoid the appearance of favoritism or conflict of interest.
We understand how delicate the estate settlement process can be, especially when sibling relationships are at stake.
That’s why we offer professional estate settlement services to help families navigate the complexities of the process. Our experienced team can arrange a neutral third-party to ensure that the estate settlement is carried out in a fair and objective manner, minimizing the strain on family relationships.
If you’re dealing with estate planning issues and are concerned about potential conflicts, consider reaching out to us to discuss the option of utilizing a professional 3rd party to settle the estate. We can help you find a solution that honors your wishes and preserves your family’s bonds. With the right attitude and approach, you can overcome even the most challenging of obstacles and build a stronger, more united family.
Do you need to update your Will? Schedule a date and time for your complimentary no-obligation consultation. Together, we can create a plan that puts your mind at ease. Don’t wait any longer!
*This scenario is fictional and for illustrative purposes only.
Earn Tax Free Retirement Income
We believe that your retirement should be a time of excitement, adventure, and fulfillment. Our team is passionate about helping you achieve your retirement dreams. That’s why we want you to learn more about earning tax free income during retirement.
By submitting this form, you are consenting to receive marketing emails from: Blue Oceans Private Wealth, iA Private Wealth Inc., 5195 Harvester Road, Unit 9, Burlington, ON, Ontario, L7L6E9, CA. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.