Planning for your estate during your disability or after death is not always a simple process. There are many potential issues that can arise if your estate plan is not created properly. In order to reduce the likelihood of conflicts later on, it is important to carefully consider now, during the planning process, the groups of people that may be prone to issues.
Planning Your Estate: Know Who Might Create Conflict
What groups of people are prone to conflict when a person dies or becomes disabled? The following is an overview:
- Spouse and children. This is especially true in families involving second marriages. It is very easy for either your spouse or your children to feel short-changed when it comes to your estate planning. In addition, since it is difficult to predict the future, it can be tricky to create a plan that accomplishes your goals for both parties. It is crucial to talk through the various options available to you in great detail with your attorney.
- Children. While some families have siblings who get along well, others are not so lucky. Even if your children get along well while you are alive, losing a parent can stir up many potential issues that can lead to disputes among children. If you are not treating your children equally as part of your estate plan, it is important to discuss your options with your attorney when creating your estate plan. It is also important to understand that what you may consider equal, your children may not. For example, perhaps you paid for graduate school for one child but not for another. An attorney can help you plan to avoid disputes.
- Loved ones and your business partners. If you own a business with other parties, issues can easily arise if you die without proper planning done during your lifetime.
- Co-trustees or co-personal representatives. Before naming multiple people to serve jointly in these roles, it is important to understand the types of issues that can arise. Your attorney can help you to understand whether using co-fiduciaries is right for your estate plan.
Fortunately, creating your estate plan can be a much easier process when done with the guidance of an experienced professional. We are here to help. We encourage you to contact us today for more information at (714) 459-5481.