BC Business
Writing a will
How to approach the family politics and complications around dividing your estate and writing a will. 1. Don’t procrastinate. Make a will and decide who to trust with your power of attorney. Involve that person in your planning. 2. Break the code of silence surrounding the family cash. Communicate effectively with your children about family finances and what they can realistically expect from you.
1. Don’t procrastinate. Make a will and decide who to trust with your power of attorney. Involve that person in your planning.
2. Break the code of silence surrounding the family cash. Communicate effectively with your children about family finances and what they can realistically expect from you.
3. Model a balanced approach toward making money. Don’t let children grow up thinking that the business of generating wealth takes precedence over healthy family relationships.
4. No matter how much money you have, encourage fiscal responsibility and teach even very young children to save.
5. Promote philanthropy by encouraging children to share their allowance with others and contribute to decisions around family giving.
6. Seek advice. Ensure professionals are available to help children make good choices around their inheritance.
7. Unless your heirs face serious addiction issues or potential divorce, avoid placing complex restrictions around access to your estate. Keep your trust structure flexible and select your trustees carefully. Avoid using your money to control children from the grave.
8. To mitigate the effects of showering a large fortune on your kids, don’t leave them a large fortune. Encourage them to find their own careers and success.
9. If you are not in the habit of giving, start small and start now. Rather than donating to charity on