Planning for your estate is always a good idea. It may also help out family members in the process.
Many estate fights are avoidable, according to Wealth Management in “How to Prevent Feuds Among Heirs.”
Families often fight over estates. Some of those battles cannot be avoided because of family dynamics. But the single most important thing that can be done to prevent family fights over an estate, is to get an estate plan.
Sound estate plans can often cut off any reason for families to fight. Proper planning can ensure that everyone gets their fair share of the estate. The estate plan can set forth reasonable means for resolving any disputes that do come up.
However, just getting an estate plan is not enough.
The next thing that needs to be done is to communicate with your family about what is in the estate plan.
People who know what they are going to get and why that was the choice of the departed, are much less likely to be upset and start fights with other family members over the estate.
An estate planning attorney can guide you in creating your estate plan or updating it, if you already have one. That may well be the best way to prevent those family fights.
Reference: Wealth Management (April 10, 2017) “How to Prevent Feuds Among Heirs.”
