A death in the family often brings loved ones together. Other times, though, disputes arise over who gets what. Sometimes, people feel blindsided by a family member’s decision. Others may be hurt or confused by beneficiary designations. These disputes can lead to complicated, lengthy, and expensive legal battles that can further divide a family. One of the best solutions to avoid family disputes after you pass is through estate planning, but there is a lot to consider before you begin.
How to Reduce Family Disputes with Your Estate Plan
Create a Will
Most people know that a will is an essential part of an estate plan, but how you set up your will can make the difference between peaceful asset distribution and butting heads. When you write your will, be sure that it meets all of Missouri’s requirements to be considered valid. Be clear and precise in your wording, leaving no question about how you want your estate to be distributed. A clear and legal will can reduce the complications of probate as well as eliminate the possibility of a contested will. Additionally, you should put a lot of thought into naming an executor. Choose someone who you can trust to follow your wishes without bias.
Set Up Trusts
Trusts are another essential estate planning tool that can eliminate disputes when done correctly. Assets held in trusts don’t go through probate, which can be helpful in preserving your family’s privacy in addition to keeping your assets intact. Trusts are also beneficial because certain types such as living trusts keep you in control of your assets during your lifetime and provide the security of knowing what will happen to them after your death.
Consider Other Estate Planning Strategies
Both wills and trusts are among the most well-known estate planning strategies, but you may find that there are other tools that can provide your family with clarity. For example, assigning a power of attorney serves as a backup plan if you become incapacitated or pass away suddenly. In those cases, you can be sure that your financial and healthcare decisions are handled according to your wishes.
Communicate
One of the most common reasons for disputing an estate is that someone believed that they should receive something that was given to someone else. Oftentimes, a family member or loved one makes an assumption about what assets they will receive, while others may be based on a miscommunication. Be open and honest with all your beneficiaries when you create your estate plan so nobody feels caught off guard and knows what to expect.
Make Updates as Necessary
Most estate plans aren’t a one-time thing. Your financial situation may change or you may need to add or remove beneficiaries. Always review your estate plan after major life changes or every few years to avoid any questions about your plan.
Consult with an Estate Planning Expert
Often, people who create their own estate plans might overlook certain details that could create significant conflict among families. Ambiguous wording or a minor error can lead to major disputes. An estate planning professional is an excellent resource for ensuring that your estate plan is solid and that your wishes will be fulfilled. Estate planning attorneys have experience dealing with complicated family dynamics as well as estates of all sizes, and they can prove to be an important asset as you begin your estate planning journey.
At Mark Harford Law, we specialize in assisting clients through every step of the estate planning process. Our experience is indispensable when it comes to creating estate plans that meet your goals while avoiding loopholes that could cause conflict among family members. Whether you are ready to update your estate plan or you’re just getting started, our law team is here to help you navigate the complexities of planning your legacy. Contact us today to schedule a consultation with a member of the Mark Harford Law team.