Although you may not anticipate it happening to your family, inheritance issues are the cause of many family disputes. If you are ready to start planning your estate, preventing family conflict may be one of your goals.
According to a recent survey, approximately 33% of Americans have an estate plan, and not making estate planning a priority can increase the chances of family conflict over your estate. The following strategies can help you minimize potential conflict and increase confidence in your decisions.
Start as soon as possible
Prioritize estate planning while you still have a sound mind and are in good health. If you delay this process, you could encounter issues effectively communicating your wishes while you are working on your estate plan. Your beneficiaries may also be more likely to question your decisions if you created your estate plan while in poor mental or physical health.
Inform your children
Although you do not have to disclose the details of your estate plan to anyone, sharing your decisions with your beneficiaries can be a beneficial move. This will allow you to express the reasoning behind your decisions, minimizing room for confusion over your intent.
Choose your executor carefully
While you work on your estate plan, put time and consideration into choosing your estate’s executor. This person should be a neutral party who will be able to effectively manage your estate and manage any potential conflicts that arise.
Remember that the estate planning process is ongoing and not a singular event. Regularly review and update the terms in your estate plan to ensure they continue to reflect your issues.