If you’re a happy parent of multiple children, you may have had to play referee or mediator more than once. When you pass away, you’ll have to trust that your family will practice the cooperation you instilled in them. However, you can’t guarantee that the distribution of your estate will go smoothly. Luckily, there are few ways to minimize tension and inheritance-related disputes. Use this estate planning guide to avoid conflicts among your beneficiaries.
How to Steer Clear of Conflicts About Inheritance
1. Avoid the Probate Process
If you write a will just before you pass away, the entire estate will have to pass through probate. This process involves the authentication of the document by the court, and beneficiaries will have to wait until the proceedings are wrapped up to receive their inheritances.
Sometimes, the process can take weeks or months, during which your family will be able to contest the details of the will. You can avoid this by adding other elements to your estate plan. For example, assets that are placed in a trust do not have to pass through probate—instead, they go immediately to the beneficiaries. Trusts also allow you to set terms for the inheritances, such as restricting a person's access to what you leave them until they reach a certain age.
2. Have Conversations in Advance
Even if your decisions aren’t open for negotiation, it’s worth having a conversation with beneficiaries about your estate before you pass away. This gives them time to mentally prepare for the distribution of any belongings—even if they are unhappy with your choices.
Finding out about the division of assets after your passing leaves inheritors with no one to vent to but each other, which could cause conflicts. Have these discussions in person and in advance while your physical and mental health is stable. This could help them understand why you are making certain estate planning decisions.
3. Update as Needed
Starting the estate planning process early is best, but it doesn’t mean the plans will remain static throughout your life. Your relationships may change as you age—some could end altogether, and new people might come into the picture. Review the will every few years, and make immediate changes after milestones like marriage, childbirth, or divorce. This ensures new loved ones are taken care of. It also allows you to remove those you don’t wish to reward, limiting the risk of tension between relatives.
If you need estate planning assistance, turn to Rutherford Law Office for a balanced, detailed arrangement. Since 1998, Sherri K. Rutherford has been guiding clients throughout Chillicothe, OH, and the surrounding area in this essential process. She can help you avoid probate and make decisions that best mirror your priorities. In addition to estate law, Attorney Rutherford also works on cases involving domestic relations and Medicaid. Visit the website to learn more about her skills, or call (740) 775-7434 to arrange for a consultation.