As you make your estate plan, one of your main goals may be to avoid disputes between your adult children. Perhaps there has always been some element of sibling rivalry. Maybe you have seen other families get into disputes that leave lifelong rifts between siblings.
One thing to focus on is why these disputes happen, as this can help you understand what steps to take with your own estate plan. Below are three things that can increase the odds of a dispute.
Not making a plan
First and foremost, the fact that you are thinking about making an estate plan at all is helpful. Many disputes happen when adult children have to make medical decisions or determine how to distribute assets, but they do not agree on what their elderly parent would have wanted. Within an estate plan, you can give them clear instructions.
Unequal bequests
Additionally, you can use unequal bequests in your estate plan, meaning that you do not split things up evenly. But if you do, it is probably wise to talk to your beneficiaries in advance and explain these decisions. Otherwise, it can lead to conflicts when one sibling feels like another is being favored, and it could even lead to allegations of undue influence.
Lack of communication
Speaking of talking to beneficiaries in advance, this can be wise, even if you are going to split things up as evenly as you can. For instance, disputes often revolve around sentimental items that cannot be divided. Communicating with beneficiaries about who should get which asset can help to stop these disputes in their tracks.
As you make your estate plan, be sure you know what legal options you have to create the right plan for your family.
