Minimizing Family Conflict In An Estate Plan
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An estate plan can help minimize family conflicts by properly distributing assets and providing explanations for beneficiaries. The document recommends: 1) Having all essential documents like wills, powers of attorney, and healthcare directives prepared in advance so they are available if needed. 2) Including detailed instructions and reasoning for distributions, especially unequal ones between children, to avoid misunderstandings and legal battles. 3) Hiring a professional estate planner familiar with laws to provide guidance and ensure the plan stays up to date with changes over time.
![4/13/2018 Minimizing Family Conflict In An Estate Plan - Daniel E. DeKoter
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Minimizing Family Conflict In An Estate
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posted Mar 28, 2018, 7:11 AM by Daniel E. DeKoter [ updated Mar 28, 2018,
7:13 AM ]
One of the primary purposes of an estate plan is to protect the
deceased’s family and assets, ensuring that properties are passed
down as intended. A plan can be derailed, however, when a family
comes into conflict because of false expectations or troublemaking
beneficiaries.
Image source: thebalance.com
To minimize such conflicts, the estate plan should be done properly.
The following are tips on how to do so:
Documents: One of the best ways to avoid conflict and confusion
during the period of serious illness or death is to make certain that
every essential document has been prepared beforehand. The
Advanced Health Care Directive, Power of Attorney for Asset
Management, and HIPAA Release Form help if an individual is
incapacitated, while a will or a living trust assists in the facilitation of
the transfer of assets in the case of death.
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Minimizing Family Conflict In An Estate Plan
- 1. 4/13/2018 Minimizing Family Conflict In An Estate Plan - Daniel E. DeKoter https://sites.google.com/site/danieledekoteria/blog/minimizing-family-conflict-in-an-estate-plan 1/2 Daniel E. DeKoter Home About Blog Do You Need a Civil Litigation Attorney? Minimizing Family Conflict In An Estate Plan Overcoming the main challenges of estate administration Tips For Making An Attractive Health Employment Package Why a power of attorney is needed in estate planning Workplace safety: An overview of workers’ rights and protections Contact Sitemap Social Links Blogger Twitter Weebly Pinterest Blog > Minimizing Family Conflict In An Estate Plan posted Mar 28, 2018, 7:11 AM by Daniel E. DeKoter [ updated Mar 28, 2018, 7:13 AM ] One of the primary purposes of an estate plan is to protect the deceased’s family and assets, ensuring that properties are passed down as intended. A plan can be derailed, however, when a family comes into conflict because of false expectations or troublemaking beneficiaries. Image source: thebalance.com To minimize such conflicts, the estate plan should be done properly. The following are tips on how to do so: Documents: One of the best ways to avoid conflict and confusion during the period of serious illness or death is to make certain that every essential document has been prepared beforehand. The Advanced Health Care Directive, Power of Attorney for Asset Management, and HIPAA Release Form help if an individual is incapacitated, while a will or a living trust assists in the facilitation of the transfer of assets in the case of death. Search this site
- 2. 4/13/2018 Minimizing Family Conflict In An Estate Plan - Daniel E. DeKoter https://sites.google.com/site/danieledekoteria/blog/minimizing-family-conflict-in-an-estate-plan 2/2 Detailed instructions and reasoning: To guarantee that beneficiaries receive what is due them and decisions are not misinterpreted, detailed instructions should be written. If there is an unequal distribution of inheritance for children, the reason behind the move should be explained properly to minimize incorrect conclusions, and, possibly, legal battles. Hiring of an estate planner: Professional estate planners well- versed in the industry can help provide guidance and assistance in making crucial decisions. It is also advantageous because estate plans should never be considered static or permanent, because there are constant changes in one’s personal and family life, and even changes in the law can have an effect on the estate plan. Image source: thewealthadvisor.com Read more about estate planning by following this Daniel E. DeKoter Twitter page. Sign in | Recent Site Activity | Report Abuse | Print Page | Powered By Google Sites Comments You do not have permission to add comments.