The Cost of Litigation … Try Not to Take it Personally
Did you hear about the Ontario Superior Court case where three siblings spent close to $500,000 in litigation costs over their deceased father’s painting worth $30,000? If not please read on: Estate Trustees and Costs of Litigation: Try not to take it personally?
How do you make sure this sorry state of affairs never happens to your family? In a word … communication.
I have been involved in a number of family meetings when, in great detail, the adult children are shown how their parents estate will be divided up when they die. In this way any and all family issues can be discussed and resolved before they become, well, issues. From my over 30 years in managing wealth for high net worth Canadians this kind of family communication is critically important.
Have you had this conversation with your family?