Family Feuds
Is the fear of upsetting family members holding you back from completing your estate plan? You are not alone. Many of us worry that relatives will disagree over bequests made by will. On the other hand, some individuals assume that no argument will occur and that surviving loved ones will be able to “figure it out” on their own. The behavior of friends and family after a death occurs can never be predicted. A piece from InvestmentNews provides results from a recent study by LegalShield indicating that 58% of respondents encountered family disputes resulting in court control over assets when proper estate planning was not completed. Here are a few helpful tips to prevent disagreement among family members after you pass away:
Have difficult conversations ahead of time.
Think through the trusteeship appointment and any possible conflicts that could arise. Consider appointing a trustee outside of your circle of friends and family, perhaps even a corporate trustee.
Include trustee replacement provisions in your trust if you have one.
Consider separate trusts for each beneficiary.
Provide ethical guidance to beneficiaries in your will.
Complete estate planning documents with all of your wishes and expectations in writing and properly executed.