An important part of estate planning is to make sure that your wishes are kept following your death. As our team at Bingham Legal Group PC knows, another part is to make the task of allocating your assets easier on your family. Too often, someone passes away without a proper plan in place, and survivors end up arguing over who receives what.
This can be avoided through some simple planning techniques. While having a will or trust in place is a good first step, it is often not enough to prevent turmoil. The American Association of Individual Investors notes that you must update your estate plan regularly to ensure that no beneficiaries are left out and all your significant and important assets are included.
Additional tips from the AAII include the following:
- Make plans for your funeral or service ahead of time.
- Distribute assets to children as equally as possible.
- Appoint fiduciaries on a logical basis instead of an emotional one.
- Talk with family members about sensitive subjects, such as whom will be responsible for the family business or care for a disabled child.
- Abide by traditional family roles, such as giving leadership to a child who has always been a leader in the family.
Whether you choose to provide your family with the details of your estate plan or not is up to you. Some people find it beneficial to let children know what they will inherit or what their role will be in the event you become incapacitated. Others prefer to keep their estate planning wishes private. Our team often helps families determine the right course of action for their circumstances.
For more information on this topic, please visit our page that discusses developing your estate plan.