Family members have been transferring property and wealth to future generations for centuries. Still, research has told us very little about inheritance issues and their impact on families. We do know that disputes arise if property isn't designated to family members and friends while the gift giver is still alive and while misunderstandings can still be resolved. When issues of inheritance are examined, the focus often is on understanding decision-making and outcomes related to titled property of significant financial value, such as a home, a business or farm property. Tension and conflicts occur when individuals feel slighted, cheated, left out or not respected.
Lack of communication is common among owners and potential receivers of property.
Individuals may not be asked about what is important to them or what they think or feel. Both givers and receivers make assumptions about intentions, goals and perceptions and these assumptions may be inaccurate. Few take the time to make their own goals or perceptions explicit or to understand assumptions and unwritten rules of other family members. Many people delay or avoid making decisions until a crisis occurs and immediate action is needed. Owners do not put their preferences in writing.