The death of a loved one can bring a family together as different generations look back on memories and lean on each other for support. Yet for some families, a death can have the opposite effect. A family member’s passing can bring long-standing resentments to the surface, causing family disputes that are not easily resolved. Some of the most contentious battles often involve the division of money and property.
For most men and women, the thought of children and grandchildren fighting over their estate after their passing is a heartbreaking prospect. At the heart of estate planning is the legacy you leave behind for future generations. The following are things to consider when creating a will or trust, and tips for helping your loved ones avoid a family feud.
Start with a Conversation
Well before you enter your golden years, it is smart to start discussing your future with loved ones. Talk to your children and other family members about what they can expect from the estate, how you want it distributed, and who you want to manage it. This leaves little room for surprises, gives you the chance to make your wishes known and resolve disagreements sooner rather than later.
Do Not Forget the Sentimental Items
For some family members, a watch or a family photograph is just as important as money. The fate of family heirlooms can also cause much acrimony as well. When one sibling assumes they are receiving the earrings or the painting, and find out otherwise, they may feel blindsided. Find out what personal objects mean the most to your heirs before you allocate them in your will.
Consider a Trust
Everyone should have a will. At Huesman, Jones & Miles, we also recommend that clients consider setting up a trust while they are alive. Trusts have many benefits as they allow assets to be controlled so that assets are not wasted.
Make Your Wishes Known
Sometimes it is the funeral that causes the most strife in a family. Where a loved one will be buried, what kind of service to have, and what kind of casket they should have could lead to epic family fights. After you decide what you want, make your wishes known verbally and legally. Your family law attorney can include provisions for your funeral in a final arrangements document.
Towson Estate Planning Lawyers at Huesman, Jones & Miles, LLC Provide Exceptional Estate Planning Services
Men and women who assume their children would never fight over their estate may neglect to properly prepare them with a well-planned will or trust. Towson estate planning lawyers at Huesman, Jones & Miles, LLC guide you in managing every aspect of your estate to protect your loved ones and prevent painful family disputes. To discuss your estate planning options, call 443-589-0150 or contact us online today. With offices conveniently located in Hunt Valley, and Towson, Maryland, we proudly serve residents throughout the state.