If you have many children or otherwise loved ones who are to inherit your estate, they may likely enter some conflict over “who gets what.” Much of this conflict may take place during the probate process. Though, if you create a valid and enforceable revocable living trust, you may allow your loved ones to avoid probate altogether. Continue reading to learn how you can curb familial conflict over inheritances and how an experienced Broward County trust lawyer at The Probate Lawyers can help you in doing so.
As a grantor, how can I avoid familial conflict over inheritances?
To reiterate, one benefit that a revocable living trust has over a will is its ability to avoid probate court. But in addition, a trust may be used for specific property dispositions. In other words, you may put a certain piece of property (i.e., a bank account or real estate property) in both your and your loved one’s names so that it may automatically pass down to them upon your passing. With this automatic transfer, other prospective heirs may not have the opportunity to come forward a dispute its ownership.
What’s more, you may assign a non-familial executor of your trust. This individual may serve as a neutral third party who cannot benefit from any of your decisions regarding property distribution. Ultimately, this may suppress any complaints of unfairness or favoritism that your prospective heirs may be tempted to claim.
What other considerations can I make in my estate plan?
Undoubtedly, creating valid and enforceable estate planning documents is the most important step to take. Still, there are smaller initiatives that may make all the difference for your loved ones’ feelings regarding your decisions. The common theme amongst these initiatives is transparency. They are as follows:
- While you still have the capacity, schedule a family meeting with your heirs to discuss your plans for the distribution of your estate.
- While you still have the capacity, distribute copies of your estate planning documents to your heirs and open the door for any questions or concerns.
- For your loved ones that you plan to include among your heirs, create a cover letter that explains any deviations from the equitable distribution of your estate.
- For your loved ones that you do not plan to include among your heirs, draft separate memorandums describing your reasons.
- For your minor items that are not mentioned in your estate planning documents, tag them to indicate your intent for who is to receive them.
At the end of the day, if you wish to accomplish a fair and just distribution of your assets, you need a skilled Broward County estate lawyer by your side. Contact The Probate Lawyers to retain our services today.
