While there are many things to consider when it comes to estate planning, including tax implications and proper structuring, it’s also important to think about how to best reduce the risk of family conflicts after you’re gone, especially with the raised tax ceiling. When family members and close friends get into a dispute over your estate after you are gone, it can become costlier for them and create a level of stress that doesn’t have to occur if you have things planned out properly. If they choose to go through a costly dispute process, it can greatly reduce the value of your estate and negatively impact how much each person receives as a result. The following tips can prevent this from happening.
Some Cases Require Extra Attention
There are certain situations that will require additional attention to ensure there are no family disputes once you have passed. If you have a blended family with children from multiple relationships, there is a much higher chance of family conflict. In this type of situation, it’s critical to talk with a qualified estate planning attorney to ensure the children from each relationship are properly protected. If some of them are still minors, it only makes sense they will take priority over those who are already adults, but this can create greater conflict so it’s essential to understand the best way to handle these unique situations.
Trusts are another common area of family conflict in the world of estate planning. When you leave your estate to a spouse to help support them for the remainder of their life, while leaving the remainder to your children, investment decisions must be made. In addition, conflict can arise if you select one child over another to serve as the trustee. While this can often be a good choice if one of your children is more likely to make sound financial decisions for everyone, it can also result in hard feelings among the others.
Talk to an Attorney
The best thing you can do to reduce the chances of a family conflict over your estate is to meet with an estate planning attorney. They can help you make the best decisions with your family’s best interests in mind.