Estate Planning Strategies to Reduce Family Disputes

Many family members pull together when they lose a loved one, supporting each other and guiding each other through this difficult time. However, these losses can also cause major rifts and disagreements between family members. This is obviously something you want to avoid if you’re approaching estate planning in North Palm Beach. What are some estate planning strategies to minimize these arguments? Can an estate planning lawyer help?

Begin Estate Planning Sooner Rather Than Later 

The most effective way to reduce family disputes is to create an estate plan. If you delay this process and fail to create a basic Will before you pass, you can anticipate that your family to argue. This is because without a Will, your wishes and preferences are not clear and the statutory “default” plan will not be tailored to your family’s specific needs. In this situation, your family members must try to figure out what you “would have wanted,” and there are bound to be disagreements on this complex topic. Intestate succession and probate court can cause considerable disputes, stress, and expenses for your loved ones.

Consider Discussing Your Estate Plan With Your Family 

Since so many disputes may involve your family bickering over what you “would have wanted,” you might want to openly discuss your plans with your loved ones. You can do this with the entire family in a respectful, transparent manner. Although your Will can formalize your preferences, expressing them verbally can add an extra layer of clarity. This can potentially minimize future disputes. With the whole family present, you have witnesses who will remember your preferences if disputes arise.

Avoid Being Too Harsh to Any Single Beneficiary

Many families have “black sheep,” and you might be uncomfortable with leaving considerable assets to certain people. For example, someone with a gambling addiction or substance abuse problem may waste your life savings. The same concerns might apply to those with extensive criminal records or people who are extremely bad at managing money. Sometimes, people choose to “disinherit” those who have wronged the family in some way.

While these concerns are perfectly valid, a family member could act out if they receive much less (or nothing at all) compared to their relatives. In this situation, it might be best to leave them with at least something. Even a small sum of money could reduce the chances of the beneficiary challenging your Will in court. You might also choose to give them a “pathway” toward inheritance. For example, you could create a Will or trust that will only distribute assets to this individual if they satisfy certain conditions. These conditions might involve graduating from college or completing drug rehabilitation. Additionally, you can consider placing their inheritance in a Trust for their benefit, with an independent trustee in charge of the funds.

Can an Estate Planning Lawyer in North Palm Beach Help Me Minimize Disputes? 

An estate planning lawyer in North Palm Beach may be able to help you minimize family disputes after you’re gone. This is often a key priority for Florida residents, and understandably so. You want to leave your loved ones with wealth and fond memories – not arguments. All too often, people forget about this priority as they approach estate planning – focusing only on the financial aspects of this process. Work with Kitroser Lewis & Mighdoll to create a personalized estate plan today.

Source:

 investopedia.com/articles/wealth-management/022916/tips-help-siblings-resolve-estate-battle.asp