For many people ready to begin the estate planning process, the work may look intimidating. After all, Estate Planning pushes us to have difficult and often emotional conversations that none of us wants to have.
Yet, facing our death sooner rather than later might be one of the most effective ways to safeguard your loved ones and your estate. The prospect of dealing with their Estate Plan might be upsetting for some people. The fear of how people may respond to how you want to handle your estate may induce you to put off starting your strategy.
Creating an Estate Plan and discussing it with your loved ones, on the other hand, may be useful since it will offer everyone a clear picture of what to anticipate and will assist in avoiding family feuds after you pass away.
While discussing your Estate Planning with your family might be unpleasant and uncomfortable, doing so sooner rather than later can help reduce some of the emotional stress of discussing one’s death.
Here are tips on how to avoid family conflict when estate planning and discussing asset division:
How to Prevent Family Conflict When Estate Planning
Talking about Estate Planning with relatives might seem impossible because it is not a popular topic of conversation, and there is no guidance on approaching the issue. Having an Estate Plan and discussing it with your family, on the other hand, is in your best interests since it helps you to plan for the unexpected and minimize future problems among your loved ones.
Make A Living Trust That Is Thorough
The first step to avoiding family feuds is to set up a Living Trust, a legal instrument that appoints someone you select to be accountable for your assets when you can no longer do so. This person is known as a Trustee. If you do not establish a Living Trust or select a Trustee, your family members are more likely to become embroiled in needless court battles about who will be accountable for your assets.
Furthermore, the case will have to be determined by the courts, which will inevitably result in high legal bills and lengthy court dates.
You will, however, have the last say in how your wills and estates are handled if you create a comprehensive Living Trust today.
It’ll also be crucial to maintain your Living Trust up to date, accounting for new assets as they come into your possession. You may, for example, purchase new real estate or a new automobile, both of which you’ll want to include in your Living Trust. In the future, this will assist in avoiding unneeded issues.
Choose a Trustee, Powers of Attorney, and Healthcare Directive
After you’ve determined what assets to include in your Living Trust, you’ll need to decide who will be your Trustee. In addition, when you develop a more thorough Estate Plan, you should appoint a financial Power of Attorney to manage your affairs and a Healthcare Directive, which ensures that your healthcare desires are followed.
You can reduce the likelihood of family conflicts by appointing trusted individuals to these roles. There will be no debate about your intentions because they will already be known. The designee of your choice will be legally recognized as the person responsible for carrying out your financial, health, and end-of-life directives.
You may also guarantee that the individual entrusted with this duty is a skilled mediator within your family and capable of preventing possible conflict before it develops by selecting wisely.
Have An Open Discussion with Your Family
After you’ve gained confidence in your Estate Plan and your decisions, it’s critical to have an open and honest conversation with your whole family about your choices.
By sitting down with your entire family, you will be able to explain your decisions to everyone clearly. This is a frequently ignored aspect of the Estate Planning process that might lead to family strife after your death.
Although having an open discussion about your Estate Plan with your family is useful, it is equally vital to remember to stick to what you believe is proper for your Estate Plan. It’s conceivable that your relatives will try to persuade you to adjust elements of your plan in an unsettling way. It’s important to consider yourself and your family in these instances that your Estate Plan is ultimately your decision.
It’s hard enough to discuss your Estate Plan with your family members without worrying about determining your ideal estate plan. By making Estate Planning simpler and faster, Dreyer Davison hopes to ease some of these obstacles. You may construct a Trust-Based Estate Plan, a Will, and Guardianship paperwork with the help of a wills and estates lawyer.
Dreyer Davison Family Lawyers is dedicated to safeguarding the interests of families in the Fraser Valley and Lower Mainland. We have experience in various areas, including family law, wills and estates, and residential conveyancing, while family law remains our primary emphasis.