If a mother and father take one of their children into the family business or farm, they need to take care that their other children do not feel left out, or miss out later on when the parents die.
You also must take care when appointing children as power of attorney, or as executor in your wills. It can create a lot of unease if you appoint one child, but not another.
Beware too of your children’s spouses, they can influence your children in ways that you may not like or expect.
If your children ask for a loan, be careful too, that can cause family trouble. If you are not sure why they want a loan, ask them to explain. If you still do not understand, ask us, your lawyer or accountant. Care before a making a loan can prevent trouble and possible family disharmony later on.
Things to carefully consider;
If taking a child into your business, get good advice beforehand and be careful about equal treatment of all your children
Rather appoint your lawyer as (enduring) attorney than your children unless you are sure there will be no envy or feelings of being left out
Appoint your lawyer rather than your children as executor in your will (same reasons)
Leave all your children equal amounts regardless if you want to minimise family frictions after you have gone
In some families good open communication exists, and these matters can be discussed while you are still alive.
But in some families, the tensions already exist, or good communication is lacking, so it may be better not to talk openly about your money.
After all an inheritance is a gift, not a right.
“Where is my inheritance, you better not have lost it”. Sadly after the finance company losses, some children got very officious & enquiring about where their parents money was invested. If you have a child like this, we feel for you.
Pay this subject some attention, be firm and fair, and you will not go far wrong.