When you create an estate plan, you do so with your wishes in mind. You may not have thought about whether your family will have disagreements over your estate without you.
Fortunately, there may be ways that you can prevent your family from becoming combative over your estate plan.
Create specific trusts that address your unique family members
All of your family members have unique needs. For instance, you may have one responsible child and another who has trouble with spending too much. You may choose to set up a strict trust for the spendthrift child. Likewise, some kids may require more from you than others. You do not have to create equal trusts, but you can create equitable trusts that address various needs and personalities.
Discuss gifts with your heirs
In some cases, you may choose to gift your heirs while you are alive. On one hand, you have an opportunity to see how they feel about the gift, and on the other, it can help them with their current situation. For example, if you have an heir who wants to start a business, you may consider helping fund the business while alive, instead of adding the money to his or her inheritance.
If you decide to gift a loved one instead of putting the assets into a trust or will, explain that those assets originally were a part of the individual’s inheritance to prevent jealousy.
When it comes to creating an estate plan that will not spark fighting between family members, try to have serious conversations in advance.
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