Estate planning involves decisions about what will happen to your assets when you pass away. Family disputes are not uncommon between the beneficiaries. These mostly occur because some people believe they deserve more than they have received. These conflicts can be emotionally and financially draining for everyone included in the process.
This is why it is highly recommended that you get legal advice whenever possible. Whatever the reason for the dispute may be, unclear communication or jealousy, it is nothing an experienced attorney cannot resolve. This will also ensure that your assets go to the people you intended. Read this blog to find out how proper estate planning can avoid family disputes.
Your guide to how estate planning can prevent family disputes.
- Create an estate plan when you are still healthy.
If you are among those who wait until the last moment to do things, this is not where you want to do that. The first step to avoiding family disputes is to create an estate plan with the help of an attorney when you are still healthy and able to make sound decisions. If you delay, you may pass away without a plan in place, or you may become incapable of making these decisions. Doing it early can avoid these potential issues.
- Recognize underlying family conflicts.
Family conflicts and feelings of anger or jealousy usually surface after the death of a family member, perhaps a parent. These feelings can turn into full-blown conflicts in the court when they feel like the assets have been distributed unfairly. Such disputes often lead to lengthy and expensive litigations.
Therefore, it is necessary to address the familial issues before it is too late. If there is nothing you can do about them, try to draft your will in a way that does not offend anyone.
- Use trusts.
Using trusts is a popular way of preventing disputes in the family. Trusts allow you to have more control over the distribution of assets, give more privacy, and reduce the likelihood of a dispute. Trusts also have tax benefits and provide protection from creditors.
- Tell the plan to your children beforehand.
Communicating the plan and discussing the details with your children beforehand can solve more than half of the problems. This way, they will know what to expect once you are gone. Even if they protest and are unhappy with the plan, they will be prepared and not taken by surprise. You might even be able to come to an agreement and make a few changes that everyone is satisfied with.
One of the best favors you can do for yourself and your family is to seek professional legal help. Hire an estate planning attorney today to avoid family disputes.
