MAKE SURE YOUR ESTATE PLAN WON’T CAUSE A FAMILY FIGHT
A thoughtful estate plan is a wonderful gift to your loved ones when they are mourning your loss. But, even the most well-meaning people can cause family discord and resentment.
You can reduce the chances of a family fight by doing these things:
- Name the best Personal Representative and Trustee. Don’t name your representatives based on family hierarchy. Select the person with the best skills, ethical qualifications, and availability for the task.
- Include personal property in your plan. Things like jewelry or sentimental items often carry the most emotional value and can cause family fights. Either make a list to be incorporated in your Will or Trust or add a clause that allows the representative to sell any disputed items if the beneficiaries cannot agree.
- Don’t tie up the money for too long. Unless you have minor or irresponsible children, don’t limit payments too long. It could be seen as a lack of faith by the parents. Don’t retain too much control from the grave.
- Explain any unequal or unusual Bequests. If you do not explain why you are not leaving equal shares to your child or other family members, explain why in the document or in a family meeting. This goes a long way in avoiding discord.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.