While it may seem that your estate plan is private and personal, numerous individuals will be impacted by what it contains. Even if you get along with your family, you would be surprised how often families feud and disagree over estate plans. One family member may feel they didn’t inherit what they should have, others may feel they make better guardians for your children, etc. Therefore, consider taking the additional steps to protect your estate and your loved ones from long, drawn out family feuds.
Discuss Your Estate Plan
Rather than be secretive about your estate plan, be open. Tell individuals if they will be a beneficiary or not and your reasons for it. Let them know what they’re expected to inherit and why. Consider holding an open forum among all beneficiaries and get everything out in the open. Discuss any concerns and let others vent their own. Be open about the reasons behind your estate plan and your designations.
Invite Your Attorney
Invite your estate planning attorney to your meeting. This gives you a chance to share your estate plan, but also for your estate planning attorney to clarify any concerns or misunderstandings among family members. Studies have shown that most family feuds regarding estate plans stem from misconceptions and misunderstandings about estate laws. Therefore, having everything clarified ahead of time can help resolve issues well before your estate plan goes into action.
Being open about your estate plan is important. Especially if you become incapacitated. It is best to have everyone involved on the same page and informed so that family feuds and misunderstandings can be avoided.
- Preparing for Unexpected Incapacity - April 30, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 24, 2021
- “Last Will and Testament” Origin - April 22, 2021
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