When someone passes away, it is an extremely emotional time for many. Unfortunately, some may take this period in which others are mourning to air out their grievances over the terms of their inheritance, which can lead to serious familial conflict. If you want to avoid this upon your passing, planning your estate with the assistance of a Nassau County estate planning lawyer can help you reduce the risk of fighting. Keep reading to learn how estate planning can help.
What Common Issues Arise Over Inheritances?
Many issues arise over the idea of “fairness” in an inheritance. For example, if you have four children, you may decide to split your assets between the four of them equally. However, if one child is much more successful, your other three may think it’s unfair that they receive the same portion. Similarly, if over the course of your lifetime, you spend a considerable amount of assets on one child, such as paying for their wedding or college education, the others may not think it’s fair that they receive equal amounts.
Another issue that may arise happens when the owner of an estate becomes incapacitated. Unfortunately, if the owner of the estate does not have a living will, those around them may argue over who should assume control of their assets.
Finally, there may be issues regarding who you appoint as your estate executor, fund trustee, or power of attorney. If the person cannot handle the responsibility or uses their position for personal gain, it can create serious conflict within your family.
What Can I Do to Avoid Familial Conflict?
If you’re looking to avoid familial conflict over your estate upon your passing, there are some things you can do to reduce the risks.
In the event that one child is considerably more successful than the others, you may want to consider adjusting how much each child will receive from your inheritance. While this is not always necessary, in some instances, you can modify how much each child receives to make your plan more fair.
When appointing someone to an important role, like the executor of your state or your trustee, it’s essential to make this decision carefully. Unfortunately, if you pass away without a will, the courts will appoint an executor for you. As such, doing so before your passing is essential, as it allows you to know you chose someone responsible who can handle the duties. Be sure to pick someone fair and honest.
If you’re worried about becoming incapacitated, planning a living trust can reduce the conflict associated with this issue, as the person you appoint will oversee your estate. This reduces fighting and the potential for legal battles.
As you can see, there are many concerns surrounding planning an estate. As such, it’s in your best interest to enlist the assistance of an experienced attorney to help you through this complex process. At Barrows Levy, our dedicated legal team will do everything possible to help ensure your wishes are met. Contact us today to learn how we can assist you through these challenging times.