An improperly developed estate plan can put your assets and your own wellbeing in jeopardy. But it also increases the risk that your family members will become embroiled in conflict that threatens their relationships. In fact, inarticulate estate plans often end up in probate court where family members aggressively fight for an interpretation of estate planning documents that’s favorable to them. This can prove costly to your estate, too.
This is an outcome that you’ll want to avoid. Yet, figuring out how to do that can be tricky. After all, you can’t always anticipate how your loved ones will respond to your estate planning goals, and once you’re gone there isn’t anything you can do to remedy the situation. However, there are steps you can take now to try to reduce the risk of familial infighting and overall conflict.
How to reduce family conflict when it comes to your estate plan
To protect your family as much as possible while adhering to your estate planning goals, you need to know how to effectively navigate the estate planning process. This includes taking the following steps:
- Having conversations about estate planning with your family members early on: A lot of family drama arises when they’re taken by surprise by the terms of an estate plan. You can prevent that from happening, though, by having open and honest conversations with your loved ones about your estate plan. This allows you to quell any potential conflict before it becomes too problematic, especially if you can clearly articulate why people are treated differently in your estate plan.
- Naming people you trust to act in a fiduciary capacity: Whether you’re creating a trust and naming a trustee or developing a power of attorney or health care directive, you need people you can trust to make good decisions on your behalf or in the interests of your beneficiary. This documentation, in addition to having a trusted individual at the helm, can reduce tension over major decisions and give you peace of mind that the right choices will be made.
- Modifying your estate plan when you need to: As life changes, so should your estate plan. If you fail to modify it at critical junctures, then your loved ones might get caught up in a fight to try to effectuate the intent of your estate plan in contradiction to how it’s actually written. You can avoid this from becoming an issue by changing your estate plan when you need to.
- Using a letter of instruction: A letter of instruction, though not a formal estate planning document, can provide your family members with clarity as far as the intentions behind your estate plan and your wishes for the future. You can even specify how you want your final arrangements to play out so that your loved ones don’t bicker over them.
Know how to create an effective estate plan that suits your needs
A lot of people make the mistake of oversimplifying the estate planning process. Your plan doesn’t have to be extraordinarily complicated, but you also don’t want to cut corners for simplicity’s sake, as doing so puts your estate and your loved ones at risk.
Fortunately, you can protect yourself, your family members and your estate by being clear and thorough with your estate plan documentation. This, of course, includes knowing your estate planning options and how to use them to your advantage. If you’d like to learn more about how you can craft an estate plan that meets your needs and your vision of the future, then please continue to read our blog and the rest of our website.
