Avoiding estate disputes may be one of your top goals as you consider your family’s future. Perhaps you’ve heard stories of other families where adult siblings become embroiled in estate disputes that they can never overcome, leading to long-term friction.
So, how do you avoid this issue? There are many steps you can take, three of which are noted below.
Make an estate plan
To begin with, one of the most important things to do is draft an estate plan to provide guidance. Disputes sometimes arise because family members can’t agree on the medical treatment you would have wanted or how you would have wanted your assets to be distributed. An estate plan clears up these issues in advance.
Use tactics to get around probate
Another thing to remember is that items that don’t go through probate often can’t be challenged. Someone might contest a $10,000 distribution through your will, for instance. But if you make the intended recipient the beneficiary of a payable-on-death (POD) account containing $10,000 – which skips probate – it means a dispute isn’t possible.
Tell beneficiaries what to expect
Finally, it may be helpful to talk to your beneficiaries in advance. Disputes sometimes stem from mismatched expectations, such as children who think they will inherit more than they actually will. Having these conversations in advance also allows adult children to bring any questions or concerns directly to you, rather than getting into disputes with other beneficiaries.
As you work on drafting your estate plan, be sure you know the steps you can take to focus on a positive future for your family.