When family inherits from a loved one, it is not uncommon for animosity to grow between family members. When a family does not communicate, then others may be skeptical of the handling of the estate. The family may not agree on property maintenance, sale or the payment for any final expenses.
Forbes states the root cause of family arguments after a loved one’s death is the estate plan. How can you perfect your estate plan to avoid sibling and family squabbles?
Do you have a financial overview?
A financial overview lists all your assets, liabilities and who the beneficiaries are. If you have financial accounts online, the overview includes all usernames and passwords so that the beneficiaries can access the accounts. Also, you should include a legacy letter. This letter includes non-financial items that you mean to give to your children. Do not forget to include any contact information for financial or insurance professionals.
Have you talked with your family?
A family meeting is the next big step once you have an estate plan. Meet with your children and other beneficiaries to discuss the inheritance. You can outline your intentions for the estate, explain your choice for the executor and any other financial decisions that you made. You should entrust one person with all of your estate documents. Stress how important it is for your family to come together during your death, rather than to fight amongst one another. Communication and transparency will keep family members from wondering why you made the choices you did or arguing about said choices after you pass away.