Having an estate plan is an important part of being an adult. You should get one when you are young and then continue to revise and revamp it as you age. It is especially important that you have a good estate plan when you near retirement and enter your golden years. However, many people wonder what they can do to make their plan solid enough that their family won't fight over it. Here are some things that you can do to help prevent the disputes.
1. Get The Estate Plan Done While You Are In Good Health
One of the biggest mistakes people make is making changes to their plan as their health declines, and as their mind begins to become foggy. An estate plan will not be executed if it is believed that the person wasn't able to fully understand what they were doing or what they were signing. Thus, if you know that you have a disease that may take your mind, as well as your body, in the final years, organize your estate plan while you are healthy and then leave it alone.
If there are any questions as to the health of your mind when you created the plan, it could be disputed in court. Someone who is not happy with the terms could prove that you didn't know what you were doing, and the plan could be rendered invalid.
2. Talk To Your Family and Loved Ones Before You Pass Away
You should always let your family know what is in the estate plan before you pass away. This is one of the best ways to at least lessen tension and frustration later. If you are planning on doing something out of the norm, such as giving the majority of your wealth to charity, you need to tell your children that. If you wait to let them find out after you die, you leave them always wondering why you did it, It is better to explain why you are doing each thing, so at the very least they know your reasoning, and they know that it is what you wanted. Then even if they are not pleased with the plan, or don't like the terms, they can't deny that it is what you wanted.
3. Choose A Competent Executor
Lastly, be sure that the executor that you choose is someone who is competent and who will honor your wishes. If it is someone who likes a fight, or who will be difficult to your other children, you will have problems and perhaps even hurt feelings.
By doing these things, you can help to prevent problems with your estate. To learn more, contact a firm such as Thomason & Hessmer.