Disputes over a will or trust can delay the process, drain your assets, and create lasting rifts between loved ones. Unfortunately, it is a common dispute over family members. However, we’ll share how to keep family peace during estate planning with practices with some thoughtful planning. By doing so, you can significantly reduce the chances of disputes happening and safeguard your future.
These 3 tips can help you protect your legacy while keeping the peace with your loved ones:
- Be Open with Your Family
- Although you don’t have to share all the details with your family, keeping them updated that you have a plan in place to safeguard your future is a good idea. It may also be helpful to let them know where to find it, promoting family peace during the estate planning process. Also, inform them of who to contact if something happens to you. Holding a family meeting with your estate planning attorney present could be an option as well. During this time, you can walk through your plan and clear up any questions. You can also open the floor up to questions with an estate planning professional present. Being open with your family and having a little transparency today can go a long way in preventing big issues down the road.
- Use Trusts for Challenging Situations
- A trust and its inheritance structure does not have to be rigid. For example, instead of cutting someone out of your estate entirely, you can put their inheritance in a trust that’s managed by a neutral third party—like a bank or professional trustee. This setup gives you control over how and when the money is distributed. For example, you can include terms like releasing funds at certain ages or life milestones. Using trusts can help keep family peace during estate planning by addressing challenging situations adequately. Or leave it up to the trustee to make decisions based on your loved one’s needs. It also helps shield the inheritance from external sources and people who are no longer a part of your life.
- Keep Your Plan Up to Date
- Life changes—and your estate plan should have enough flexibility to adjust with those changes too. No matter what kind of big life change, update, or step, it’s important to review your documents every few years. This ensures they still reflect your wishes and your future.
- An updated estate plan shows that you’ve been thoughtful and intentional about your decisions. It will lessen the risks of family drama and may even help avoid it altogether. Plus, it ensures your plan still works the way you want it to. By evolving with your life, it does not compromise your peace of mind in the present. Keeping your plan up to date is essential to maintaining family peace during estate planning.
Planning ahead doesn’t just protect your assets—it protects your family, too. Being transparent, building with flexibility, keeping your plan current, and working with a trusted estate planning professional like Drew Starbuck, can help ensure your wishes are honored and reduce the chances of conflict.
If you’re concerned about potential challenges to your will or trust, contact us today. A little planning now can save a lot of stress later and you can feel confident about your future.
