Being proactive will help keep your asset transfers peaceful.
However, some families are just prone to fighting.
This may be the result of a blended family or simply a clash of personalities.
Everything is cause for a feud—no matter how big or small.
Does this sound familiar?
If yes, what can you do to avoid the seemingly inevitable arguing when you pass away?
The Motley Fool provides welcome advice in a recent article titled “Avoid family fights over inheritance.”
What does it say?
Consider an irrevocable trusts.
You will proactively protect the money in your trust from any mental lapses as you age.
It will also nullify suspicion amongst beneficiaries as none of them will be able to modify the trust.
People do not always make the best decisions under stress.
Work with an estate planning attorney well in advance to ensure the choices regarding your assets are well thought out.
Use a professional trustee.
Avoid any semblance of favoritism or manipulation by hiring a third party to administer your trust and estate.
If they disagree with someone, it will be with a professional who has years of experience—not a family member.
Hiring a trustee will cost more money, but it may be worth it to keep the peace and avoid court cases.
Discuss your decisions together.
Equal may not be fair.
And fair may not be equal.
Consequently, if your estate will not be left even-steven to your loved ones, then you will definitely want to explain your reasons.
When possible, explaining your decisions in person will always be more beneficial for everyone.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Motley Fool (November 7, 2016) “Avoid family fights over inheritance”