Estate planning is an important task that can put your final wishes in motion and provide stability for your loved ones. Sadly, the process can be complex and your family may disagree over some of the terms in your estate planning instruments.
How can you avoid family disputes over your estate plan?
Choose an appropriate executor
The executor of your estate plays a very important role. They are tasked with collecting your assets once you pass, paying off any outstanding debts and allocating assets according to your instructions. You can choose a family member to do this. However, this runs the risk of other family members feeling excluded and pushed out. You’re not obliged to keep this role within the family. In fact, it may be beneficial to consider an independent party who has knowledge in this field.
Be open in communications with your family
You might be trying to shield your family from stress by keeping them out of your estate planning discussions. Nonetheless, this could have the opposite effect. It’s less likely for a dispute to occur among family members if they have a more full understanding of your final wishes. While you should remain sensitive in your approach, open discussions with your family about your estate plan can put their minds at ease.
Keeping your family in the loop about your final wishes will go a long way to reducing conflict and potential litigation after your passing. If you have any questions about the different estate planning methods that are available, it may be in your best interests to reach out to a knowledgeable party.