4 Tips For Avoiding Will Contests
It’s never a good feeling to think about children, grandchildren or a spouse arguing over provisions in a will or revocable living trust, but it does happen. It’s crucial to understand how to prevent family conflicts, especially during the estate administration process. Here are four suggestions for preventing beneficiaries from squabbling:
1. Discuss your estate plan with your loved ones. This is the best way to avoid any surprises and ensure that everyone understands your wishes. Many families make the mistake of keeping the estate plan a secret until one (or both spouses pass away). While this may make sense in some family situations, often, it is vaulable to talk with your family before you pass away to let them know what choices you have made.
2. Choose your executor and trustees carefully. Many individuals put too little thought into this important role. Oftentimes a family will select the firstborn child, or the child living closest to them as their executor. Make sure that you appoint people who are trustworthy and will not fight with the other heirs.
3. Draft a clear and concise estate plan. Working with an attorney who focuses on estate and elder law planning can ensure that your plan matches your goals and vision for your family. This will help reduce the potential for confusion and disputes among your beneficiaries.
4. Keep your estate plan up to date. As life changes, so should your estate plan. Be sure to update it whenever there are any significant changes in your life or in the lives of your loved ones.
If it has been a while since your estate plan was drafted, (or you have never created your estate plan), we would be honored to meet with you to explain the estate planning options available to you. Call us today to schedule a consultation.