Making an estate plan is a great way to ensure that you keep control over what gets left behind for your loved ones, but having a plan in place can also help you avoid family disputes. It’s no secret that inheritances can often be a source of conflict. Making a plan with the help of a Washtenaw County estate planning attorney and having some conversations with family members might make it possible to prevent such squabbles.
Can the Existence of an Estate Plan Help Reduce the Chances of Family Disputes?
In some ways, the mere presence of an estate plan can help reduce the chances of any family disputes breaking out. This is because many fights around estates start out because people are confused or think that a mistake has been made.
An estate plan makes your wishes clear. There are no ambiguities and the presence of a well-developed plan shows that you have accounted for everything. It’s harder to start an argument when you have been upfront about what you want to happen to your assets.
Can Certain Estate Planning Tools Help Me Avoid Family Disputes?
There are also ways to use certain estate planning tools to make family disputes less likely. Trusts, for example, can be used to give out smaller increments of money at a time, so no one starts to argue over any big payouts. A trust also doesn’t have to go through probate, allowing its assets to remain private.
Who Should Be My Executor?
Many people choose their spouse, oldest child, or another reliable friend or family member to be the executor of their estate. Another option is appointing a neutral party, like a lawyer or a company that can take on this role. If you are worried about family disputes, this can hopefully put to rest arguments about favoritism or prevent accusations of unethical behavior.
Can I Update My Estate Plan Once It’s Made?
Here’s the best thing about making an estate plan. It is not set in stone. If recent events have made you rethink your plan, just talk to your lawyer again. Someone from our firm can help you split up assets in different ways, change your beneficiaries, and more.
We actually recommend looking over your estate plan every year or so. It can also be a wise idea to make some edits after events like:
- Divorce
- Remarriage
- The birth of a child
- A death in the family
- A falling out with a family member
Keeping a watchful eye on your estate plan and updating it when needed can help you avoid more family disputes and awkward situations where assets get left to the wrong person.
Talk to an Estate Planning Attorney
So if you’re ready to make an estate plan of your own, contact Collis, Griffor & Hendra. Schedule a consultation with our team and tell us more about your goals. We’ll help you develop a plan that safeguards your assets for future generations.
