Top 3 Family Money Disputes — And How To Solve Them

Heather Taylor   Wed, July 26, 2023

I’m a Will and Trust Attorney: These Are the Top 3 Family Money Disputes — And How To Solve Them

As the United States enters one of the greatest wealth transfers in history, it is not unusual to hear about families experiencing money disputes. Family members may let their emotions get the better of them and find themselves stuck in arguments, fights and disagreements regarding a wide range of financial issues. In worst-case scenarios, these disputes can lead to acts of physical violence or never reach a resolution.

GOBankingRates spoke to Mitch Mitchell, associate counsel, estate planning at Trust & Will, about the primary sources of contention that lead to money disagreements among family members. Here’s how families can solve these top money disputes.

Distribution of Inheritance

Money disputes often arise during the estate planning process, particularly with the distribution of an inheritance. If a loved one passes away and leaves behind assets, family members and siblings may disagree on how to divide an estate. And if there’s no clear will or estate plan, it only adds to the confusion and increases overall disputes among family members.

Another aspect to consider is the role of family dynamics. Mitchell said siblings might have different interpretations of their parents’ intentions, which can lead to disagreements and conflicts over how assets should be properly managed and distributed. Some parents also distribute their assets unequally among their children. Even if they have their own reasons for doing so, Mitchell said unequal distributions can create tension and animosity among family members.

Incapacitated Family Members

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