Faith, Ledyard & Faith, PLC
COVID-19 NOTIFICATION: To protect your safety and the safety of our staff, in response to the threat of COVID-19, we are offering the option to connect with us via telephone, email and video-conferencing. Our staff are fully operational. Please call or email us to discuss your options.
A Full-Service Law Firm Serving the West Valley and Greater Phoenix for More Than 40 Years
PA Image
Real Estate Law
PA Image
Personal Injury
PA Image
Civil Litigation
Construction Law
PA Image
PA Image
Employment Law
PA Image
Estate Planning
PA Image
Debt Collection
PA Image
Government Law
PA Image
Criminal Defense
PA Image
Business And
Commercial Law
PA Image
En Español

Don’t avoid talking about money, even in tough situations

| Aug 29, 2016 | Wills |

Parents often think they should avoid talking to their kids about money, even when it comes to a will and an inheritance. They somehow think that this is a taboo subject, something that is off limits, because how much money a person has is considered personal. Additionally, both children and parents may be afraid to talk about it because it also means talking about a time when the parent has passed away.

However, experts do say that communication is crucial. It can help you avoid family drama and keep your children from running into problems with each other after you pass away.

For example, you may be thinking about not splitting the money up evenly. Perhaps two of your kids are responsible with their money, but the third simply is not. Maybe he or she struggles with addiction or has always burned through bank accounts quickly. You don’t feel comfortable splitting the money up evenly or perhaps you’re thinking of using a trust to control the third child’s spending.

If so, this is definitely a conversation it is best to have up front, so that the third child knows what is coming and what to expect. You can then talk it through in advance and limit disputes over an “unfair will” in the future. This isn’t the type of thing that you want to have be a surprise, especially if the children just assume they’ll all get the same thing. Not talking about it leads to these assumptions.

These are just a few things to consider when crafting a will. Be sure you take the time to look into all of the legal options you may want to use in Arizona to make the perfect will for your kids.

Source: Next Avenue, “How to Talk With Your Adult Kids About Their Inheritance,” Lori R. Sackler, accessed Aug. 29, 2016

Lead Counsel Rated LC
Certified specialist | State bar of Arizona | Real Estate | Law Specialist
Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
Martindale Hubbell AV Preeminent peer rated for highest level of professional Excellence 2020
Expertise Best Real Estate Layers in Phoenix 2020
FindLaw Network

Stay Connected With Us