Family feuds often occur over inheritances, resulting in lengthy and costly litigation for all involved. With careful estate planning, future family conflicts can be avoided. At Estrada-Legal, PC, we work closely with our clients to identify potential conflicts and develop solutions.
Families should consider the following tips:
1) Include every family member in major decisions. Promoting openness from the outset allows all family members to understand the reasons and thought process behind decisions. Communication is a key component in avoiding a family feud over inheritances.
2) Treat Estate Planning As An Ongoing Process. As life events occur, weddings, children, divorces, etc., goals evolve and your plan will need to be updated to reflect and achieve your new goals. It is important to update your living trust or will every year. Some people remain in your life forever, but there is also the potential for circumstances to cause certain people to leave. As your life evolves, you need to adjust your plans accordingly.
3) Overcome “Fairness”. When parents seek to promote fairness between children, ex) splitting assets evenly, it may unintentionally promote conflict by ignoring deeper involvement by some children, ex) active participation in the business. Alternative arrangements may make better sense than even division. Once again communication is important, by explaining the reasons you choose for each child to have certain items, will help your children to understand the decisions you made for the division of your assets.
4) Waiting too long. Taking initiative before parents or business founders pass allows their insights, concerns, and desires to get addressed. When left unaddressed, siblings may begin to feud. This why creating a living trust or will early in life is important. If you wait to make decisions about your estate you will ultimately cause an unnecessary feud amongst your family members.
Estrada Legal PC
At Estrada Legal, we pride ourselves on taking a thorough approach to estate planning. Planning for your future is important and we are capable of creating all your legal documents to protect you, your assets, and your beneficiaries. Creating a living trust or will is the best thing for you and your family’s future to avoid potential conflict.
Please read more information at WealthManagement.com’s Avoiding Family Conflicts During Estate Planning