No one wants to leave their family fighting after they die.
Estate planning has many benefits.
Often people simply consider only the tax implications of their estate plan.
The goal is to preserve as much money as possible.
This is not a bad goal.
However, it is not the only goal.
According to a recent CNBC article titled “This threat could devour thousands of dollars from your estate,” you should also plan for peaceful relations.
Unfortunately, even great families face conflict under stress.
The best way to avoid conflict is to know your family.
Do you have adult children who have difficulty handing money?
After all, so parents have adult children who grow up and others have adult children who just keep having birthdays.
If any of your adult children fall into the latter camp, then you may need to consider a trust to help protect your assets while providing them access.
Is one of your children poor at being diplomatic?
He or she may not be a good trustee or executor.
Sometimes involving a third party trustee like an attorney or a bank could keep help keep peace in your family.
Do you have a blended or fractured family?
You should work with an experienced estate planning attorney to make sure you do not accidentally disinherit a child.
Be sure to discuss your estate plan with your children before you die.
This will give them an understanding of your decisions and the reasons each was made.
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: CNBC (June 14, 2018) “This threat could devour thousands of dollars from your estate”