How to Avoid Family Conflict with Estate Planning
Money and inheritances are common conflicts that cause disputes among family members after someone becomes seriously ill, incapacitated, or passes away unexpectedly. People even tend to fight over small things with little monetary value, straining relationships with family and friends.
Though there may always be some dissatisfied beneficiaries, estate planning can help maintain harmony and smooth out any conflicts in the family.
Learn how to avoid family conflict with comprehensive estate planning from our estate planning attorney, Elaine McGinnis P.A.
Begin Estate Planning While You Are Still Healthy
The first step toward avoiding family disputes is to create an estate plan while you are still healthy and have a sound mind.
Building an established estate plan while you are
healthy helps avoid confusion and can prevent
potential conflicts.
If you delay estate planning, you may not have a chance to communicate your wishes clearly for end-of-life directives, asset distribution, and more.
Consider the following when crafting your estate plan.
#1. Healthcare Directive and a Living Will
If you were in an accident would you want to be kept alive by artificial means? Would your family know what to choose?
A living will outlines your wishes so there is no doubt if an accident occurs and gives family members and doctors a guideline to follow.
You can designate a reliable individual in a healthcare directive to make medical choices on your behalf in the event of your incapacitation. Also, you will have designated someone if a court needs to select a guardian to handle your affairs.
#2. Establish a Power of Attorney
A power of attorney authorizes a person to conduct personal business on the behalf of another person. Your designated person may be given extensive authority to manage all of your financial affairs or specific authority to sign documents only.
#3. Draft a Will
One of the most crucial documents that you should have in place is a last will and testament. This document details who is in charge of your estate, what goes into the estate, and to whom distributions of assets are made.
Your will can also spell out how you want your remains to be taken care of, and who should care for your children if they are minors.
#4. Set up an Irrevocable Trust
One way to avoid estate litigation and disputes is to avoid probate of your estate assets. An irrevocable trust can help keep your estate out of probate court and helps avoid the possibility of your heirs or beneficiaries battling it out in court in the future.
The term irrevocable trust defines a type
of trust that cannot be modified, amended,
or terminated without permission.
Learn More > The Importance of a Trust
#5. Talk to Your Family
Having an open dialogue with your family members about your decisions is crucial after you are confident in your estate plan and the choices you have made. You can fully explain your choices to your family by sitting down with them. This is a crucial step in the estate planning process that is frequently skipped and may lead to disagreements among heirs after your death.
Your relatives may assume something about your intentions for your estate if you keep them in the dark about your preferences and plans. There won't be any miscommunication or family disputes about your estate plan, though, if you make your plans known.
Although it is advantageous to discuss your estate plan openly with your family, it is crucial to stick to what you believe is best for you. Although members of your family may try to convince you to alter certain aspects of your plan, keep in mind that making an estate plan is ultimately up to YOU.
Keep Reading > Estate Planning for Families
Compassionate Estate Planning
Discussing your wishes with your family can feel stressful enough without also having to worry about figuring out which estate planning option is best for you. Elaine McGinnis P.A. strives to alleviate some of these difficulties and familial disputes with compassionate and comprehensive estate planning.
If you are looking for an experienced estate planning lawyer in Florida, contact the Law Office of Elaine McGinnis, P.A. at 813-851-3380 for a consultation today.