An estate plan provides insight into an individual’s wishes regarding their property and how it should be addressed after their death. They can also make arrangements for the support of their dependents. People creating estate plans often hope to leave something meaningful and beneficial for their loved ones.
They hope to provide them with financial resources that can improve their standard of living. They might also distribute resources with emotional value, such as family heirlooms. People thinking about their legacies often want to leave a positive impact on others. They generally do not want their passing to negatively affect family dynamics.
Unfortunately, estate administration is notorious for damaging the relationships among siblings or cousins when a relative passes. People fight over assets and grow to resent one another because of what they inherit. Their actions can cause permanent damage to family dynamics and can also diminish the overall value of the estate.
Is it possible to establish a plan that prevents loved ones from fighting?
Special clauses can deter litigation
There are many tactics testators can utilize to reduce the likelihood of their loved ones fighting over their property. Including a no-contest clause in a will is one way to prevent frivolous litigation. A no-contest clause essentially threatens to disinherit a beneficiary who contests the will in probate court. If people realize that they risk losing their inheritance entirely in their efforts to increase what they inherit, they may be less inclined to pursue frivolous probate litigation.
Trusts are harder to challenge
A strong estate plan may include multiple legal instruments, including trusts. Using a trust to strengthen an estate plan is a common tactic. Testators may create trusts to protect their assets from creditor claims or make it easier to qualify for Medicaid later in life. They may also want to structure the inheritance that their loved ones receive to prevent the misuse of those assets or the loss of critical state benefits. Unlike wills, which are vulnerable to legal challenges in a number of scenarios, trusts are substantially more difficult for people to contest in probate court.
Communication prevents conflict
Discussing estate plans with loved ones is an important part of establishing a legacy. Without adequate communication, friends and family members may develop unrealistic expectations. They may then feel shocked and disappointed about what they actually inherit, leading to conflict during probate proceedings. Testators who make the effort to communicate with their beneficiaries about their likely inheritance can prevent disputes from spiraling out of control.
Making an effort to establish a thorough estate plan can significantly reduce the likelihood of conflict among beneficiaries in the future. Testators may need help utilizing appropriate tools given the nature of their concerns regarding family conflict, and that’s okay.