Is fair equal? It’s a common question in family conversations about money and estate planning.

Summary: For some families, fair does mean equal—but for many others it doesn’t. Say a family gift is distributed equally to three heirs. But one person feels she’s put a little more into the family relationship than the others. To that person, equal doesn’t feel fair. The feeling may fester, leading to family tension, if not open conflict. In the latest episode of his weekly podcast, My Next Move, J.P. Morgan’s Michael Liersch explains how a fair process can circumvent these problems. A fair process, by definition, is well-defined and clearly articulated to everyone involved. Maybe the decision has been made to pay for education. That can be unequal, and thus feel unfair, if, say, some pursue a graduate degree and others don’t. But the process will be fair—and perceived as fair—as long as the rules are clear to everyone in advance. No secrets. That’s a key principle of any sound financial planning, as investment advisors will attest. Michael explains why secret decisions are intrinsically unfair and how to make sure that rules are transparent and understood by all. Learn more about fairness—equal or unequal—and how to make sure it is unchanging, consistent and clear.