Estate planning can be simple or complex, depending on your circumstances. If you have significant assets, you should ensure your wishes are honored, and your loved ones are protected from potential disputes. Planning ahead can do just that.
Why do disputes happen?
Believe it or not, more families end up in court disputing a will or estate plan than you would expect. This happens because there is no way to clarify their intentions or prevent misunderstandings after a loved one passes away. Many times, the reading of the will is the first time the beneficiaries have heard of the intentions of the deceased, which can lead to questions, doubts and mistrust.
Preventing conflict
The good news is that by creating a comprehensive estate plan, you can outline your intentions clearly and be specific about who receives what, including items that may hold sentimental value, to prevent conflict from arising after you pass away. You can also communicate your plan to your loved ones so they understand that you made these decisions because that is what you want.
Communication
A family meeting that includes your beneficiaries and discusses your estate plan can help alleviate concerns and clarify your intentions. While these conversations seem uncomfortable, transparency has many benefits, including preventing conflict. Your attorney can be present to answer questions if you so choose.
Impartial executor
Additionally, consider appointing an impartial executor responsible for managing your estate without any potential conflicts of interest. This can help prevent disputes among family members who may disagree on how to handle your estate.
Avoiding disputes
In conclusion, effective estate planning considers more than just your assets and liabilities. It also aims to ease potential problems if things are not settled properly. Speaking with your estate planning attorney ensures you do everything possible to prevent unnecessary battles.