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What kind of a legacy do you want to leave behind? Most people will not answer that question by saying, "I want my children to fight over the money, house, and other goods that I leave behind." Yet, if you do not do careful estate planning that may be exactly what happens. The problem is that when no clear will or testament is left behind, people may have serious disagreements over what should go to whom. Moreover, because you can never know when the end will come, you should have your last will and testament ready to go before you think your time is near.
Bank Accounts
If you are fighting a disease or otherwise unable to take care of basic needs like paying bills, it is a good idea to talk to one of your children about being a signer on your bank accounts. This child could then write out checks and otherwise take charge of paying bills so that you don't have to worry about it. On the other hand, if you die, the child who is the signor could potentially keep any money in the account and cut out any siblings. Thus, a better idea is to set up one child as the signer but include any other children you have as beneficiaries. This will assure that any assets in the account are shared evenly when your time comes.
Be Aware of Perceived Value
If you leave an investment to one child that fluctuates in value, it can cause discord among siblings. For example, if you leave an investment that was worth $10,000 when you wrote your will to a child, that investment could be worth $100,000 by the time your will is executed. If your other children receive assets worth roughly $10,000 each, they may be left wondering if you valued them less or if the sibling who got more is trying to cheat them in some way. This can cause resentment and prolonged fighting among siblings. To avoid such issues, it is important to revise your will frequently and make sure that each child gets the share of your holdings that you deem appropriate.
There are many reasons why people fight over inherited estates and anticipating each and every cause of discord may not be possible. On the other hand, you should take every reasonable step to make sure that your children have no reason to fight over what you leave behind. By talking to a probate attorney, such as those at http://www.rmstoneattorney.com, you can draw on their experience to write a will that will hopefully leave behind a legacy of accord and harmony.
Share14 July 2017
