Unfortunately, inheritances can cause all sorts of family drama. There are no guarantees, but one way to potentially prevent these fights is to be upfront about your plans. A Rockland County estate planning attorney from our firm can help you make a plan and figure out how you’re going to talk to your family members about it.
What Should I Tell My Family About My Estate Plan?
You should tell your family a bit about your estate plan and why you structured it in a certain way. Things you can discuss include:
- Who is included in the will
- Whether you made use of any estate planning tools, like trusts or family LLCs
- Who would be a trustee or in any other position of authority
This can help your family members gain at least a basic understanding of what your plan is and what they can expect. We also recommend trusting at least one person with the location of all of your important estate planning documents. This can be your financial paperwork, your will, and even a list of any online accounts and passwords that could be relevant.
How Can I Reduce Conflicts Between Family Members?
Even if your family members know about your estate plan in advance, it can still cause some discord. There are a few steps that you can take to potentially reduce family infighting, including:
Being clear about your goals: Whether you are giving beneficiaries less than expected or leaving behind unequal inheritances, be clear about why. If you have a good reason why you think that one of your beneficiaries needs more or why you want to donate a significant portion of your wealth, tell your loved ones your reasoning.
Appointing a professional trustee or executor: If you think that making a particular beneficiary your executor will cause problems, you may want to choose a neutral party instead. A lawyer can serve as an executor or trustee, for example.
Asking before you give someone an obligation: You may think that a family member is the perfect person to take care of your business once you pass, but giving someone a big obligation like this or guardianship of a minor child without asking for their input first can be a bad idea. It can cause stress and even conflicts with another family member who expected to take on such a role.
Do I Need a Lawyer to Set Up an Estate Plan?
You are not required to hire a lawyer here, but if you have a substantial estate it’s a good idea to talk to a professional. An estate planning attorney from our firm can help you figure out the best way to safeguard assets and make sure that you keep beneficiaries for bank accounts and life insurance policies updated. Whether you are thinking about setting up a trust or you just need a legally binding will, we’re ready to assist you.
Contact Our Law Firm Today
So contact the Lauterbach Law Firm and schedule your consultation with our team today. Tell us more about your priorities and goals, and we’ll do everything that we can to help you establish an estate plan that will best conserve your assets for the next generations.
