Estate planning is one of the crucial things to do in life. You need to make reasonable judgments to protect your wishes and loved ones. Thus, excellent decision-making skills are necessary when creating all documents of an estate plan.
Nonetheless, this can be easier said than done. It can be tempting to make decisions based on closeness with interested parties. But should you do this? This guide discusses this matter.
You should have a criteria
Having close relationships with your loved ones is vital, but this should not be the primary criterion when making your plan. It will be best to have guides on how to do things, especially the distribution of assets. This can make your work more manageable.
Consider different factors
You should consider different factors when making estate planning decisions. For instance, when choosing a guardian for your minor child, consider these aspects:
- Parenting Skills
- Willingness to raise your kids
- Location
- Financial stability
- Existence of a bond with your children
When choosing an executor, factors that can guide you include:
- Complexity of assets
- Ability to be responsible
- Trustworthiness
- Financial stability/knowledge
- Location
- Conflict of interest
These factors, and more, can help you make the right decisions with every document in your plan.
Will your close loved ones have an issue with your plan?
Undoubtedly, some people may expect you to make favorable decisions because you are closer to them. However, it can be challenging to make every beneficiary or interested party happy, but you can create a plan that significantly benefits them.
While close relationships are crucial, you should make estate planning decisions based on several factors. You should understand your goals when making legal moves that protect your interests and loved ones.
