As someone writing an estate plan, you want to ensure that it will serve your heirs well. You want your executor to have as easy a time as possible handling your affairs, too. After all, they will already have to balance so many legal aspects while in grief.
But how can you build a successful estate plan? There are certain tips you can take into consideration which may help you avoid major pitfalls that set others back.
Preparing for family conflict
Forbes examines steps you can take to ensure a successful estate plan. The first is not shying away from the possibility of family conflict. After all, many estate plans end up exacerbating already existing conflicts between family members or rekindling old resentment. An estate planner can help you word things in a way to lower the change of conflict happening, so do not neglect to tell them all about your family’s state of affairs.
Communicate frequently
Speaking of, a good way you can help limit conflict is by communicating thoroughly and regularly with your family and heirs. Prepare them for the wealth they will inherit. Help them understand their future benefits and what it means to be fiscally responsible. Ensure that everyone knows what they will receive and whether or not they should anticipate changes. The fewer surprises there are, the smoother the transition will be.
Ask all the questions you need to
Finally, do not be afraid to ask your estate planner questions. A survey of estate planners estimated that about 70 percent believed their clients did not fully understand their own estate plan, which is a surefire way to end up with mistakes and problems later on. Ask questions when you need to, take notes, and do not be afraid to ask them to slow down and explain things again. That is what they are there for.