Estate planning can be as much about protecting the family as it is about establishing a legacy. People who leave behind substantial resources when they die may unintentionally trigger conflicts among their loved ones that cause permanent estrangement.
While state law does allow for the distribution of assets to immediate family members after a person dies, a thorough estate plan can help prevent disagreements about the distribution of property from damaging family dynamics. What tools limit the likelihood of probate disputes among family members?
1. No-contest clauses
People hoping to secure a larger portion of an estate often challenge wills in probate court. Adding a no-contest clause can disinherit those who bring frivolous will contests, which can prevent people from contesting a will unless they genuinely believe it doesn’t reflect the deceased’s wishes.
2. Trusts
Using a trust to manage the descent of valuable property instead of bequeathing assets to specific beneficiaries in a will can be an effective tactic. Trusts offer greater control over the distribution and use of inherited property. They can be helpful for controlling a legacy and limiting opportunities for conflict.
3. Estate planning transparency
Many disputes about estate planning begin with her unrealistic expectations and disappointment after a will reading. People believe they should inherit more than they receive, possibly due to family dynamics or their relationship with the testator. Discussing testamentary intentions with the entire family in advance can limit the likelihood of people expecting to inherit more than they receive and fighting over the estate later.
There are numerous tools that can strengthen an estate plan and reduce opportunities for conflict after a person dies. Discussing priorities and family dynamics with an estate planning attorney can help people protect their families and leave meaningful legacies.