Why even an e-mail on big family decision is better than no records

If you are making an important financial decision in a family meeting, make sure there is a proper record to avoid any disputes later.

- Tan Ooi Boon

Many families have ended up in court fighting over precisely such things because when relationships sour, it usually boils down to your word against their word.

It's an uphill task to prove any claim if you don't have proof in writing because you can count on others in the dispute to cast doubt on your words with their own versions of events.

Similarly, if others make outrageous claims about their entitlements, you can demolish any case not supported by evidence.

A recent dispute involving a family business that was run informally provides a good lesson on why it is prudent to have written records.

WHICH ACCOUNT IS MORE CONVINCING One of four siblings involved in the business claimed that during an overseas family gathering, everyone agreed that the money in the family fund was for the benefit of the brothers equally and that it would be distributed equally.