There are many reasons to plan for your estate. The most important is probably that with proper estate planning, you can help to prevent your family from fighting over your estate.
Only the most sadistic people among us, would really want their families to fight over their estates. The goal for almost everyone is for our families to get along with each other, even after we are no longer around.
However, families do often fight over estates.
Some of those fights are unavoidable, since they stem from longstanding family dynamics and family members who do not trust each other or get along with each at all.
Many of those fights are avoidable, as Wealth Management discusses in “How to Prevent Feuds Among Heirs.”
The single most important thing that needs to be done to prevent family fights over an estate, is to get an estate plan.
Sound estate plans can often cut off any reason for families to fight. Proper planning can ensure that everyone gets their fair share of the estate. The estate plan can set forth reasonable means for resolving any disputes that do come up.
However, just getting an estate plan is not enough.
The next thing that needs to be done, is to communicate with your family about what is in the estate plan.
People who know what they are going to get and why that was the choice of the departed, are much less likely to be upset and start fights with other family members over the estate.
If you do not already have an estate plan, get one.
If you do already have one, then make sure that you review and update it regularly to ensure that it will be effective in preventing your family from fighting.
Reference: Wealth Management (April 10, 2017) “How to Prevent Feuds Among Heirs.”