Those creating an estate plan have many different issues to take into consideration, from protecting their estate and minimizing taxes to figuring out which type of estate plan is best and deciding how to divide assets among beneficiaries. However, preventing conflict is another key issue that people need to focus on while setting up a will or trust.
If you are in the early stages of the estate planning process or already have an estate plan and want to make certain revisions, it is imperative to look for potential sources of friction and take steps to minimize the likelihood of bitter disputes, some of which lead to
Reviewing your options
There are a variety of ways in which people reduce the likelihood of estate-related problems arising later on. For example, some people devote extra attention to the way in which they distribute their assets and they discuss their decisions with loved ones. Often, this helps prevent confusion later on. By setting up the right type of estate plan and appointing an executor who is fully capable of managing their responsibilities, one’s estate is often less likely to create conflict after they pass away.
The consequences of conflict
Unfortunately, when disputes over an estate plan arise, there are many concerns. Sometimes, these disagreements lead to long-term hostility within a family, tearing relationships apart and creating lasting emotional pain. Moreover, when someone decides to take action as a result of their concerns, such as a disgruntled or misinformed beneficiary, the process often becomes more time-consuming and complex. Review our site for more on preparing an estate plan properly.