Leave a Legacy of Love, not Feuding
Between political strife over the upcoming election, natural disasters that require immediate decisions for the wellbeing of the whole family, and economic concerns it seems that families are faced with more stress than ever before. For many, these stressors heighten the risk of family fights, especially as people make plans for their estate after they pass.
As we go through life, we accumulate wealth, assets, and cherished memories that we desire to leave with the people we love most. Few things are as heart-wrenching as a dispute among family members, yet they are all too common when it comes time to distribute an estate. We expect family to be a place of love and relative harmony in our often-tumultuous world, and even the thought of that security falling apart may be unsettling.
Countless estates are disputed each year, in and out of court. These disputes do not just occur in the families of the rich and famous, though those disputes are more publicized. What can you do to preserve the harmony in your family in passing on your legacy? Here are 5 easy steps you can take:
- Seek Professional Guidance: Safeguarding your legacy requires professional expertise. Engage a seasoned estate planning attorney dedicated to this specialized field. Such a professional possesses the acumen to craft a meticulously coordinated plan that encompasses all your assets and honors your wishes. If you have questions about your existing plan, contact our office so we can ensure that your documents accomplish everything you want them to.
- Exercise Discernment: When outlining your estate plan, careful selection of decision-makers is vital. These individuals will wield authority in the event of your incapacity and oversee the execution of your legacy posthumously. Assess the aptitudes and interpersonal dynamics of potential candidates. Avoid appointing multiple trustees or executors unless assured of their ability to collaborate effectively.
- Foster Transparent Communication: Although the timing of your demise may be unforeseeable, your intentions need not be shrouded in secrecy. Concealed surprises within your estate plan heighten the risk of posthumous discord. Foster an environment of openness and candor within your family, ensuring that your wishes are clearly articulated and comprehensively understood. Proactive communication during your lifetime serves as a linchpin for preserving enduring familial harmony.
- Incorporate a No-Contest Clause: Bolster the integrity of your estate plan with a formidable deterrent against contentious challenges. A “no contest clause” effectively disinherits individuals contesting the terms outlined in your will or trust. This provision serves as a robust safeguard against potential legal disputes that could fracture familial bonds and undermine your legacy. Demonstrating a steadfast commitment to family accord, it underscores the seriousness of your intentions.
- Keep Current: The efficacy of your estate plan hinges on its relevance to your evolving circumstances. Regularly review and update your plan to reflect any pertinent changes. By ensuring its currency, you mitigate the risk of unintended omissions that could disrupt familial harmony and instigate intra-family conflicts. Vigilance in this regard ensures that your intended beneficiaries remain rightfully accounted for, fortifying familial unity and avoiding potential discord.
In essence, estate planning is not merely a task to check off a list; it’s a proactive investment in the future well-being of your loved ones and the preservation of family harmony. By taking the time to create a comprehensive estate plan tailored to your unique needs and preferences, you can provide your family with the greatest gift of all: peace of mind.
“Estate planning is not merely a task to check off a list; it’s a proactive investment in the future well-being of your loved ones and the preservation of family harmony.”
Remember, it’s never too early to start planning, but it can quickly become too late. Don’t wait until it’s too late to safeguard your legacy and protect your family from unnecessary strife. If you have concerns about your family or want to schedule a review of your current plan, contact our office today!