When you consider your estate planning goals, one of them may be to avoid family conflicts after you are gone. Family disputes can have a profound impact on surviving loved ones, both financially and emotionally. Knowing that it only makes sense to take proactive measures to avoid them. Although there is no foolproof way to guarantee the prevention of family disputes after you are gone, the attorneys at Wilcox Attorneys, PA suggest how a well-thought-out estate plan can help prevent them.
Family Disputes Often Occur Following a Death
When a valuable estate is at stake, none of us are surprised when disputes arise among the surviving family members. The monetary value of an estate, however, is not necessarily the determining factor when it comes to disputes over an estate. In fact, conflicts among heirs may arise over a modest estate just as readily as they would over a substantial one. Legal heirs might contend they were inadvertently omitted from a Will, while beneficiaries argue that the Testator lacked the mental capacity to execute the Will, making the Will invalid. Disputes may extend to the allocation of estate assets or the decision on which assets should be sold to settle debts.
Furthermore, family disputes can emerge even before you pass away. Your family members might enter legal disputes over who possesses the legal authority to make medical decisions for you if you are unable to make or communicate them yourself toward the end of your life. Along the same lines, conflict may occur if your loved ones cannot agree on whether you need a legal guardian. The potential causes of family conflicts are limitless which is why many people take steps within their estate plan to try and prevent them.
Preventing Family Disputes: Steps You Can Take
Preventing disputes, both before and after death, is a crucial estate planning objective. Though these steps can significantly reduce the likelihood of family conflict, it is essential to recognize that it is impossible to guarantee the absence of conflict. Nevertheless, the following steps may help your loved ones avoid conflict:
- Select the Right Executor: The Executor plays a pivotal role in overseeing estate probate and can help ward off potential disputes. Choose someone with composure under pressure, a grasp of both legalities and family dynamics and the respect of family members. In some cases, a professional Executor may be the optimal choice.
- Maintain an Updated Will: Ensure clarity of your wishes regarding asset distribution by regularly updating your Last Will and Testament based on life events. If disinheritance is desired, consult your estate planning attorney for guidance on the appropriate language.
- Utilize Trusts: Trusts can delegate control during your incapacity, averting family arguments. They are also effective in distributing assets over time, addressing unique circumstances such as beneficiaries with special needs or complex family structures.
- Undergo Yearly Physicals: Annual physicals can establish your mental capacity around the time of will execution, potentially dissuading disputes.
- Execute Advance Directives: Decide in advance who will make medical decisions for you through advance directives, eliminating the need for litigation.
- Communicate Your Decisions: Conversations with loved ones explaining your estate plan decisions can provide clarity and prevent disputes. Alternatively, include a non-binding Letter of Instruction in your plan to explain your decisions.
While not infallible, taking these steps can significantly contribute to minimizing the likelihood of family disputes toward the end of your life and after you pass away.
Can We Help You Prevent Family Disputes?
For additional information, please download one of our FREE elder law reports. If you would like assistance creating an estate plan that can help prevent family disputes, contact the experienced Washington County, Fayetteville, Springdale, Rogers, Bentonville, and Northwest Arkansas estate planning attorneys at Wilcox Attorneys, PA by calling 479-443-0062 to schedule your appointment today.
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