Tips for Creating an Estate Plan

Tips for Managing Familial Conflict With an Estate Plan

One of the biggest concerns and one of the primary reasons for creating an estate plan is mitigating the risk of familial conflict should you become incapacitated or pass away. The harsh reality is that the tragic and unexpected can occur at any moment, and you must be as prepared as possible. Familial conflict can be devastating to relationships within the family; it stands to put your estate at risk when you ultimately pass away. When loved ones pass away, emotions run high.  As such, there are times when conflict can be more likely if one is not careful. This is true when it comes to estate plans because if emotions are running high, there can be conflict and arguments that occur if there is not a proper understanding of an estate plan, how it works, or who gets to keep various assets, when it comes to estate plans, and more.  Safeguarding your estate plan should be one of your top priorities, and our Memphis, TN estate planning lawyer can provide you with the guidance you need. The following are tips to consider to help prevent family conflict from occurring when the time comes:

• Make Sure to Communicate Your Plans

While you certainly won’t want to share your estate plan with everyone you know, there are key people with you should make sure you communicate your plans to. This can help to manage expectations for when the time comes. These conversations can be incredibly challenging and even uncomfortable to have. You may also find that your loved ones are resistant to having it. However, by providing them with a clear outline of how your estate plan is divided, and the decisions you have made can give them the ability to ask questions and gain a clear understanding of the reasons behind your decision-making. It may even be beneficial to have one of your adult children be a part of the planning process.

• Choose the Right Time and Place

Timing is everything when communicating your estate plans to loved ones. The last thing you should consider is bringing up such a delicate topic at a family event or holiday occasion. Make a plan to discuss your wishes at a time set aside to discuss your estate plan. 

• Don’t Set Your Children Up for Conflict

One of the biggest mistakes parents make is choosing one child to make decisions over their siblings’ inheritance. This could only lead to conflict amongst siblings, putting them in an incredibly challenging situation. This is why when it comes to estate planning, it is important to discuss all measures of it with one’s children, the factors that will come with the agreement, and more.  This will help to avoid conflict among children.

• Regularly Update Your Estate Plan

Updating your estate plan is critical for several reasons. People’s circumstances often change over time, meaning an estate plan is something that you should be sure to update or review at least every 3-5 years or experiencing one of these life changes:

• Divorce
• Marriage
• Birth/Adoption of Children
• Tax Updates
• Change in Assets
• Beneficiary Changes

Our estate planning lawyer in Memphis, TN, recommends that you update your estate regularly so that the plan you leave for your family is as clear and as accurate as possible. 

• Carefully Consider Whether to Disinherit Someone

You may find that there are some people you are looking to disinherit. While you will want to carefully consider whether this is appropriate, when it comes to close family, such as children, they must be aware of your wishes. Disinherited children may challenge your estate plan and are likely to create further conflict within the family. If you choose not to leave someone you love an inheritance because you are concerned that they are not responsible enough, consider speaking with our team about alternative ways you can manage this situation. A living trust may be another viable option. 

• Consider a Living Trust

A living trust can provide several benefits for estate planning. Creating a living trust allows you to place your assets into a trust while you are still living. You will have the ability to continue controlling the trust and making changes during your lifetime. Once you pass away, the appointed trustee assumes control of the trust. Living trusts outline your wishes and allow you to leave special instructions for how you would like assets distributed to heirs. Living trusts can be more difficult to challenge in court and can reduce conflict down the road. 

To learn more about how Patterson Bray, can help you develop your estate plan, call our Memphis, TN estate planning lawyer to get started.

Contact Our Memphis Estate Planning Lawyer Today

Every adult needs to create a comprehensive estate plan, as not all estate-related matters may be lawfully enforced simply by having a will and/or living trust in place. If you do not yet have a comprehensive estate plan in place or need to update or otherwise modify your existing estate plan, please schedule a consultation with us at Patterson Bray. None of us knows how long we will have until our estate plans become urgent matters for our loved ones to grapple with.

To better ensure that your wishes are clearly articulated and legally enforceable, please connect with an estate planning lawyer in Memphis, TN families trust at our law firm Patterson Bray PLLC today.