Estate planning is important to secure the future of your loved ones. However, while you want to plan your estate to avoid conflicts, estate planning may lead to issues.
A lot of relationships are strained because of money issues. Even if your loved ones get along well, you must come up with a plan to prevent future conflicts over your estate. An estate planning attorney in McKinney, TX will help you with this plan and ensure your wishes are followed after you die. The following are some estate planning tips to make sure your estate will be managed according to your wishes and prevent your family conflicts because of your legacy:
Resolve Current Family Conflicts
Current family conflicts can get even uglier when the people you leave behind will fight over your estate. This is the reason you should recognize and resolve current family conflicts while you are still alive. You can develop safeguards to reduce these conflicts later if you don’t want to deal with them now.
Be Specific About Your Wishes
A lot of family conflicts arise because the specific wishes of the deceased person were not clearly communicated. You need to specify how you want your major assets to be handled to prevent disagreements among your loved ones in the future.
Often, conflicts can happen if a family member claims they were promised some assets; however, the estate documents say otherwise. To be sure about what goes to who, consider taking photos of special items that hold sentimental or historical value like heirlooms, jewelry, or furniture. List the people who will inherit these items in your will or addendum.
Choose a Trustee Who is Not Related to You by Blood
Appointing a family member as the fiduciary or executor of your estate could be a mistake. It is easy for your family to fight over trust if a loved one handles your trust. Because of this, it is best to designate an objective professional without legal or family interest as your trustee.
Meet with Your Family Members
After you create an estate plan with your attorney, hold a meeting with your family. You need to let them know about all your wishes and discuss your estate plan. If you will leave money to charity, inform them about it during this meeting. You can minimize the risk of family conflict and disputes by explaining the reason for giving money to charity.