"How can I prevent conflicts between beneficiaries?"
When we die, we leave those we love with a state of affairs that mixes emotion with money. Not a great combination. Your death should not be the cause of irreparable harm to the relationships between those you leave behind. Nor should your wealth be needlessly spent on resolving conflicts through the courts or otherwise.
With a bit of planning, you can decrease the level of conflict that may arise at your death. Consider the following:
Does your executor* have the necessary abilities to handle your estate?
You want an executor who can get the job done—and can also build consensus and communicate effectively.
Does your estate properly meet your obligations to family and others?
In your planning, ensure you address the legal obligations you have to others. Pay your debts and provide money to those that rely on you for support.
Have you considered the expectations of others in giving out your wealth?
Give careful thought to the expectations of those who are the natural heirs to your estate. You do not have to satisfy their expectations, but be careful to say "no” in a way that minimizes conflict.
Does your Will allot your wealth to your heirs in clear, unambiguous terms?
Clear expressions of your intentions are fundamental to your Will. Often, writing a Will in your own words can create ambiguity—seek out a lawyer to express your wishes in clear, precise language.
* "Liquidator" in Québec
Interested in learning more?
We’d be pleased to help you develop the right estate plan for your particular situation. Just give us a call to arrange a time that’s convenient for you. We'd also be pleased to provide you with a complimentary copy of our Estate Record Keeper—an easy solution for keeping all your financial and estate information in one place.
Trusted. Canadian. Independent.
Richardson GMP is Canada’s largest independent wealth management firm, entrusted with over $26 billion in client assets. With offices across the country, we are home to some of Canada’s most distinguished Investment Advisors.
All Richardson GMP Advisors share a passion for professionalism and a commitment to delivering unbiased—and unparalleled—wealth management solutions. They are supported by the substantial resources of our founding companies: James Richardson & Sons, Limited, one of the most trusted names in Canadian financial services with a legacy spanning over 85 years; and GMP Capital Inc., one of the country’s most dynamic investment dealers.
We are proudly Canadian. Fiercely independent. And dedicated to earning and rewarding your trust as stewards of your wealth.