When creating your estate plan, it’s a good idea to discuss your wishes and goals with your loved ones. Doing so will explain your actions and can limit conflicts in the future. Take a look at the information below to better understand the importance of communicating with your loved ones about your estate planning choices.
Many people don’t take the time to explain their actions after creating an estate plan. This can lead to family disagreements that may last a lifetime. Take a look at the following example:
When creating their estate plan, Eric and Janet decided to leave their assets to their adult children, unequally. This did so because they felt that each child had different needs. They wanted each child to benefit in a unique way. Several years later, Eric and Janet died within a few months of each other. After they both died, the children continuously fought with one another because each child felt that their inheritances had been unfair. This led to great conflict and created a lifelong problem between siblings.
If Eric and Janet had taken the time to discuss their decisions with their children, there may have been less anger and confusion when they died. If you’re making a choice that you feel may be questioned, it’s probably a good idea to thoroughly explain your intentions. Remember that money equals love in the eyes of all human beings, whether we can admit it or not.
Many family disagreements occur after the death of a loved one. This is often because of how affairs were handled after the death or how inheritances were received. Take the time to carefully consider your planning choices and decide if it would be beneficial to discuss your choices with your family. It usually is.
If you have any questions about communication your estate plan to your loved ones, consult with a qualified estate planning attorney.
Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.