Putting together your estate plan can help you protect your interests and make your wishes known regarding your assets. But many people have yet to take this important life step.
According to a survey conducted by Caring.com, only 4 out of 10 people in the U.S. have created a will or a living trust. If you have decided to start planning your estate, the following tips can help you prevent conflict among your family members.
Regularly update your estate plan
Once you finalize your estate plan, review it regularly and update it as your life changes. This will help you make sure that your will and other estate planning documents always reflect your wishes.
Talk through your decisions
Sit down with your children or other beneficiaries and tell them about the decisions you made for your estate plan. Explaining your reasoning beforehand can help prevent arguments and tensions among your family members after you die.
Find fair ways to divide valuable assets
It can be harder to divide assets that hold sentimental value instead of just monetary value. Think through a strategy for dividing significant assets among family members to make things as fair as possible. For example, you may want to consider asking your children which assets hold the most meaning to them.
Some additional planning and thought while you put together your estate plan can help you prevent tensions and arguments among family after you die. Although this may take some extra time, it can help your family close your estate and prevent legal battles following your death.