Prevent Family Conflict by Creating an Estate Plan
Thinking about your death isn’t exactly a happy occasion, and planning for it isn’t, either. Unfortunately, a loss in the family can also lead to family conflict and stress, and sometimes, even tear families apart. You can avoid all of this by using an estate planning firm. Estate Plans ensure that your intentions upon your death are clear and formalized. When it is time for your valuables to be divided, your values are protected.
Here we’ll cover the leading ways estate planning prevents family conflict and when you should start planning your estate (here’s a hint: it’s sooner than you think!).
Plan Out the Planning
From funerals to receptions to writing the obituary, many big and little things need to be planned. If you have to do something like this at the last minute, it can be frustrating and usually causes problems. Avoid it all by planning who will be responsible for what in your Estate Plan.
Ensure Your Assets Go to the Right People
Assets include everything from homes to horses, iPhones, to eyeglasses. It is very common for arguments to start over who should get what. An estate plan ensures that your wishes are known and followed – and family conflict and stress are avoided. While you can create a plan on your own, it’s recommended to hire an estate planning firm to ensure all assets are divided as intended.
Choose the Guardian You Want for Your Children
If you have children or dependents, you will have to decide who will be responsible for them when you are gone. An estate plan formalizes your decision. If you do not have one, and both legal parents are dead, the court will appoint a guardian, regardless of whom you may have chosen.
Settle Your Family Business
If you’re involved in a family business, things can get especially tricky. An estate planning firm can help establish a business succession plan that prevents conflict over control of the business, which happens often.
When to Make an Estate Plan
In reality, everyone should have an Estate Plan because everyone has an estate. “Estate” not only refers to homes and properties but possessions and assets as well. Without an estate plan, the court will appoint someone, not from your family, to handle your estate if you pass or become incapacitated.
Protect your most important asset: your family. At Schottler & Associates, we can help you identify the best measures to put in place for your family, including:
- Living wills
- Final will
- Charitable donations
- Funerary arrangements
- Durable medical and financial power of attorney
- Life estates such as bonds or other investments
- Income, gift, and estate tax planning
- Transfer of business ownership
- Social Security or spousal/survivor benefits
- Beneficiary Statement for IRAs, 401Ks, etc.
- Guardianship and inheritance management for minors and dependents
- Provisions for digital assets that cannot be repurchased, recreated or redownloaded
At Schottler & Associates, our experienced attorneys are ready to help guide you through the perfect Estate Plan. Call us today at 708-442-5599 or click here to learn more.