Creating a comprehensive estate plan is something that people often delay. It’s rare to find someone eager to consider what will happen with their assets after they pass away, but early planning is vital to prevent heirs from squabbling over the family fortune.
Having the people closest to you squabbling over the family fortune after you’ve become incapacitated is an upsetting thought for many people. However, it becomes worse when the bickering occurs while you are still alive and looking to avoid unnecessary drama from your relatives.
How your family responds to the dividing of wealth after your passing might seem entirely out of your hands. Keep tensions low and prevent fighting over assets by settling on an estate plan that is simple and involves the family in the process.
With The TGQ Law Firm, an estate planning attorney from our Ann Arbor office will help you devise a comprehensive plan to reallocate your assets after you pass away based on the following principles.
Establish a Will & Trust
One of the common factors leading to fighting within a family after a death is an uncertainty about what to do with the deceased’s wealth and assets.
If you are no longer around to express how to distribute the family fortune and don’t leave behind a will that clearly states those beliefs, tensions could occur.
Relatives will have differing opinions on where the wealth should go if there is no will left behind. Create a simple will or trust to resolve any unnecessary fighting.
Involve the Family in Estate Planning
More than anything, people connected to a family fortune just want to know why it was reallocated and divided the way it was.
Extended tension over money can arise in some cases when relatives do not receive the assets they expected without an explanation. In some instances, it can even lead to resentment if a family member feels cut off from the family’s wealth without understanding why.
That is why it can be beneficial to involve family members in the estate planning process. Allowing relatives to listen to your perspective on the family’s fortune and assets and share their opinions can lead to a mutual understanding that prevents fighting.
Focus on What Is Important
Establishing clear priorities for what you and your family believe is important in your estate plan can be vital to preventing any squabbling over the family fortune.
Creating a will that reflects your family’s core values is more straightforward when you involve your relatives and heirs in the estate planning process. It is beneficial to hear where they believe your assets would be useful. However, this is not a necessary step.
A firm understanding of your family’s situation and where to distribute your fortune and assets will satisfy your heirs and relatives and keep bickering to a minimum.
It’s Never Too Late (or Early)
Many people procrastinate on estate planning for as long as possible, but this can lead to future stress among family members.
Instances of accidental or unexpected deaths are not uncommon and can leave you and your family without an established estate plan if you pass away before creating one.
If relatives do not expect your passing, it can put them on edge and make them scramble and squabble over the family fortune. Create an estate plan early on with everyone on the same page to grant lasting peace of mind for your family.
Work with an Estate Planning Attorney | The TGQ Law Firm
Creating an estate plan and deciding on what to do with your family fortune after you pass away can be a challenging and unpleasant task. However, it doesn’t have to be an expensive or complicated process. Hire an elder law attorney in Ann Arbor from The TGQ Law Firm to help make the process easier.
Our team can take the burden off your shoulders by helping create a plan for your family fortune that satisfies everyone and reduces the odds of any fighting.
Disclaimer: This article is not intended to be legal advice. Everyone’s situation is different and legal advice is only properly given after having reviewed your specific situation.