Estate planning is about protecting your plans and your legacy. It is about safeguarding your future and putting your wishes on record. To be successful, an estate plan should do more than just account for all of your assets. The best estate plans take into account the reality of implementing them.
Strife And Stress
There are varying levels of responsibility when it comes to making an estate plan come to fruition. Some roles, including the executor of a will and legal trustees, come with important duties. Some of these duties are straightforward. Others are complex and time-consuming. Anyone granted the authority to carry out these duties has the power create havoc if they can’t or won’t perform them properly. Unless you want to create strife among your loved ones and stress for everyone involved, you need to consider who should be in charge of fulfilling the wishes laid out for your estate.
Disagreements, Old And New
One of the most common problems created by estate plans is that of sibling rivalry. Even siblings with good relationships can be sorely tested in the face of an estate plan that treats them differently. Sisters and brothers who already have contentious relationships are not likely to suddenly come together while dealing with the loss of a loved one. The wrong choices can bring out the worst in family members at a time when they need to be at their best.
Working with a knowledgeable, experienced professional can help you make the right choices. There are many things to consider in creating the perfect estate plan. Make sure you get all your questions answered before committing to a plan that might not accomplish everything you’re hoping for.
Source: The New York Times, “Here’s How to Maintain Peace Among Your Heirs,” by Paul Sullivan, 22 March 2018