Last week we looked at several issues people creating an estate plan need to consider when they look to avoid family conflicts. A good estate plan will now only protect you and your interests but will minimize the risk of potentially destructive and expensive conflicts arising out of it. Today we are going to look at some additional steps you can take to reduce the possibility that these kinds of conflicts could erupt.
How do I Avoid Family Conflicts Over my Estate? Select your representatives wisely.
Any estate plan will rely on one or more representatives to perform key tasks. For example, when you create a will you’ll have to select an executor who will manage your estate through the probate process. Similarly, creating a durable power of attorney for health care will require you to choose an agent who will make medical decisions for you should you become incapacitated.
Choosing capable, responsible people to serve in these positions is essential. If your representatives do not act appropriately, or act in a way that is contrary to your wishes, such situations commonly lead to conflicts and litigation.
How do I Avoid Family Conflicts Over my Estate? Keep your plan up-to-date.
A good estate plan is one that reflects your current circumstances. As your life changes, as your finances change, and as the law changes, you need to keep your estate plan current. A plan that doesn’t reflect your wishes or current situation can lead to confusion and implementation problems, not to mention family conflicts, and even litigation. Regularly reviewing your plan to keep it current is one of the best ways to ensure a problem-free estate.
How do I Avoid Family Conflicts Over my Estate? Have an expert help you.
A lot of people try to create an estate plan by using DIY tools or guides. While a good estate planning guide can help explain essential ideas and give you a better understanding of what estate planning involves, you should never try to create an estate plan without the advice and guidance of an experienced attorney.
There are so many issues that affect modern estate planning that it is nearly impossible for the average person to determine how each of them affect their personal options. Not only that, but creating an estate plan on your own gives you know way to be sure that you’ve done everything correctly. Leaving an state plan silent about an important issue, creating a plan that leaves key information out, or crating an estate planning tool incorrectly can all lead to serious problems in how your estate is managed or implemented. These problems can lead to costly and destructive conflicts.