How To Deal With Family Conflict Caused By A Transfer Of Wealth

Trees are often designated to show different members of a family. The branches make up different members: Grandparents, parents, children, grandchildren, and more.

Each member branches off into their own family within the larger family as a whole.

A family tree shows a group of people who are all related and share blood, genes, and love. But you know what else grows on trees? Money.

And unlike members of a family, money can be both a blessing and a curse.

Here's how to deal with family conflict caused by a transfer of wealth.

Be Patient

Let's face it: Money can change people. Make sure you prepare yourself for any possible outcome. You don't want to expect the worst, but you also don't want to have a set of expectations where you'll be disappointed if and when things don't go according to plan. Plan for any scenario. Do some research and take the time to educate yourself on your own goals, expectations, and action plan.

Find a Balance

Even if you're the only one in your family taking the time to put in the work, make sure you're not volunteering to be the one in charge. When you're part of a family, you need to find a balance between being a member of the family and not being bossy with other members of your family. Each member of your family, including yourself, should be on an equal level no matter what. No one person should be directing or leading while the others follow along with whatever they say.

Come Up With an Action Plan Together

One of the best ways to avoid conflict with it comes to a transfer of wealth is to come up with an action plan of what to do with the money. These are some of the most common areas that the money could go towards that would benefit multiple members of a family:

Education

Education can be an expensive but necessary expense. If there is a transfer of wealth, consider putting aside some money to help pay for any children or grandchildren that may need the money for schooling in the future. This can benefit multiple members of a family by assisting with the payment of education. Plus, the children or grandchildren will have an easier time being able to go to school worry-free.

Donate to Charity

Consider donating some of the additional money to a charity that your entire family supports or believes in. Donating to charity can be a great way to support and feel good about.

Buying a Home

Buying a home is an investment. It may be a costly investment, but it's better than throwing away money at rent each month. Consider dividing the money between members of the family to assist with any initial down payments.

Health

Health is and always should be a top priority. Unfortunately, the healthcare system in the United States isn't cheap. Putting away some money for an emergency fund can help cover any unexpected medical costs.

Starting a Business

Use the money to support a member of the family's passion. Starting a business requires time and money. If you have the resources, help support the dreams of a loved one.

Next Steps

Money can be a tough conversation, especially with members of a family. It doesn't have to be though. If you can remain open, honest, and calm, you'll realize that you all want what's best for every single member of your family.

If you're struggling to have a positive conversation about the transfer of wealth, consider reaching out to a therapist to work together on improving communication.

Reach out today to set up a consultation for anxiety or depression treatment.