Estate planning is all about looking after your loved ones once you are gone. Ideally, you want a well-written plan that takes care of all of your wishes. You can use a will, trusts and other estate planning documents to do this.
Failing to do this can result in disputes. Here are a few tips that could help you prevent estate planning disputes.
Open communication
While your estate plan should reflect your wishes, that doesn’t mean keeping your loved ones in the dark. Disputes can be prevented if you explain your wishes to loved ones and outline your intentions.
Having family meetings to explain your thought process can help prevent disputes both now and in the future.
Unambiguous documents
You want your estate planning documents to be clear. They must be concise and specific. You should clearly state who you want to inherit certain assets. Your documents must also be legally valid. Many estate planning disputes arise when the validity of signatures or terms is challenged.
Appointing the right executor
The executor is the person tasked with managing your estate according to your wishes. You can choose anyone for this role, but they should be impartial and competent. If a beneficiary or family member thinks the executor has acted inappropriately, this can cause lengthy estate planning disputes.
These are just three tips to prevent estate planning disputes. There are several other tactics that you can employ. One of the best ways to ensure that your plan works as intended is to seek some legal guidance while drafting your estate planning documents.