Fair isn't equal. Why families fight over estates and how to end it
New research indicates that the upcoming 'Great Wealth Transfer' of $124 trillion may trigger significant family conflicts over inheritance. Experts suggest that these disputes are often rooted in emotional perceptions of fairness and favoritism rather than just the monetary value of the assets.
Why it matters
As a massive amount of wealth changes hands, the potential for legal and familial instability is high, highlighting the need for better estate planning.
Hear this story An estimated $124 trillion in assets will transfer from older generations to younger heirs over the next couple of decades, but that windfall may create a storm of problems, according to new research.
A third of adult children believe inheritance is likely to create conflict among siblings, while nearly half (45%) say they have adjusted their behavior to stay in a parent's good graces for financial reasons, according to a report from personal finance site Kiplinger, in partnership with researcher Morning Consult. The online survey of more than 2,575 adults was fielded between May 28 and June 2.
The research highlights that inheritance isn't just about dollars and cents. It's also about the emotional complexity surrounding it and how different parties on opposite sides of the "Great Wealth Transfer" perceive fairness, timing and entitlement.
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