As a responsible adult, you want to ensure your family is provided for when you pass away. If you have accumulated wealth and assets through the years, it’s necessary to make sure as much of this as possible gets to those that you love. Unfortunately, sometimes the money and assets you leave behind can result in a family dispute.
If your family argues over the money and assets you leave, you won’t have to deal with the situation. However, you also won’t be able to stop it. While you are alive, you should take steps to prevent family disputes over your wealth and asset distribution.
Explain your reasoning behind controversial decisions
There’s no opportunity to explain the reasons behind your decisions once you’re gone. Once your loved ones find out that they weren’t left what they expected, they will probably come to their own conclusions, which may be that you loved one of your heirs more than the others. This is a leading cause of disputes; however, completely preventable. Explain your reasoning while you are alive to prevent disputes after you pass.
Update your plan as things change in your life
You don’t have to split everything evenly between your beneficiaries. However, you do need to make sure that your estate plan shows the current value of all your assets. When deciding on what is fair, be sure to consider the current and future value of the assets you are leaving behind.
If you want the best chance of avoiding conflict among your family after you pass away, you should be open and honest about your assets and their inheritance. This will ensure they know what to expect and give them an opportunity to ask you questions.