When it comes to Estate Planning, family members are the most common cause of issues. Communication is important, but everyone has opinions and sometimes those opinions and unresolved issues can muddy the estate planning process. When you are creating your estate plan, the last thing you want is to cause issues for your family members left behind. Here are some tips for preparing your estate plan to best mitigate any family conflict that may arise.
Chosen Beneficiaries: A Common Cause of Conflict in Arvada Estate Planning
According to a survey conducted by TD Wealth, 30% of conflict related to estate planning is designating beneficiaries. Choosing who will take care of your estate and who will be receiving a portion of your estate definitely speaks into the family dynamics. This is especially true when you are considering leaving someone out of your will or including someone against your family’s popular opinion. The best way to address this issue is to make sure you have all your estate planning documents in place and that they are done correctly. This way, even if it is upsetting to certain family members, your wishes will still be carried out. Often, when a family member is upset about an estate planning choice, they will look for any possible grounds to fight that choice. Having all your ducks in a row will prevent a bigger headache for all your beneficiaries down the line.
Communication with Estate Planning in Jefferson County
The same survey found that 25% of estate planning related conflict is due to communication. Surprises never tend to go over well. It’s EXTREMELY important that you review everything with your estate executor. You don’t want the person(s) tasked with managing your estate and representing your wishes to be surprised by anything. When discussing your estate plan with your personal representative or estate executor, point out any choices that may cause conflict. Getting a heads up on potential issues will be appreciated when the estate plan goes into play. If you feel like it would be helpful, you can also discuss your plan with your beneficiaries or anyone else who will be affected. Communication now will leave nothing to question later.