Money and Inheritance are the common causes of conflicts and disputes in families. People tend to fight even over small things with little monetary value and end up making relationships far worse.
Though there will always be some dissatisfied beneficiaries, estate planning goes a long way in maintaining harmony and smoothing out conflicts in families.
Create Estate Plan while you are still healthy
The first step towards avoiding family disputes is creating an estate plan with the help of an Alexandria estate planning attorney while you are still healthy and have a sound mind.
If you delay the estate planning, you will either not create a plan or may get unable to communicate your wishes clearly to an attorney. An estate plan helps you to avoid confusion and as such prevents potential conflicts that could arise.
Use Irrevocable Living Trust
One way to avoiding future estate litigation and disputes is to avoid probate of the assets. The Estate planning with the help of a living trust attorney in Alexandria will usually keep your estate out of the probate court. This removes the possibility of your heirs and beneficiaries battling it out in the court for your estates in future.
Communicate the plan to your children
Though the law doesn’t require disclosing your estate plan to anyone, it will be helpful if you share the information beforehand with your beneficiaries. If comfortable, discuss the estate plan with your heirs and let them know about your wishes.
Explain different or unequal treatment of beneficiaries
When it comes to inheritance questions, make sure to explain to all stakeholders, the reason behind your decisions. Clients can also express their decisions in their own words by separate letters.
Choose Executor or Trustee wisely
While selecting an executor or trustee of an estate, consider what conflicts could arise out of your choice. Sometimes it is wise to go for an independent trustee if you know think there a possibility of a dispute over your choice.
Monitor and Update your estate plan
Estate Planning is a long term process, and not a one-time event. Estate plans need to be reviewed periodically and updated based on the changes in the law or important life events. It is also critical to change your beneficiary designations based on the changes in your life.
Pick the right Professional
Lastly, taking professional help with estate planning allows clarity in the estate documents. You should consult with an Alexandria trust attorney who specializes in the elder law and will make sure to file the correct documents for the same.
Do yourself and your family a favor, and go for a reputable estate planning lawyer now and avoid family conflicts in the future. If you need an expert advice about estate planning or to know the strategies for avoiding family disputes after your death, you can contact Speedwell Law, PLLC at (703) 553-2577.