“At a recent reading of a will, the three daughters and one son of the deceased had a rather sharp shock: the son was to inherit the business, and the daughters would get nothing. None of them had any idea about their father’s plans. Rather than leading to an unpleasant family feud, the outcome was a happy one. The son approached his wealth adviser and said he wanted everything to be shared equally with his sisters, who readily agreed. But advisers to some of the world’s richest families say that the only surprising thing about this story is that a son would inherit more than the daughters in this day and age — which is happening much less often in wealthy families across the world. What was commonplace, they added, was that the children only found out who was inheriting what after their father died. “
The title is from an article by Alice Ross in the FT.
Dear reader, in your experience, is it easy to talk about money with your family? As a parent, are you trying to find the right words and meaning so that the outcomes are fair? How do you make sure what you say is what someone else hears? And what may be fair to you, may not be fair to someone else? It’s actually hard to have these discussions. Bearing in mind, before you have a discussion, you need to decide what you want to say. Sometimes, it can all sound great in your head, but then when it comes to communication, it doesn’t turn out the way you expect. Actually, that’s normal. And there’s pandora’s box which no one wants to open!
These discussions are big issues, irrespective of wealth. Most people are not well versed or skilled in these matters and they require good discussion. It makes sense to air your thoughts and ideas before you present them. We call it a conversation….