One of the most important things parents leave behind for their children is an estate plan. However, these documents can serve as sources of tension for many families if carried out the wrong way.
While there are no guarantees, individuals can take steps to reduce the likelihood of familial conflict breaking out as a result of seeing the estate plan. No matter what, you need to remain open and honest throughout this process with all your beneficiaries, so everyone stays on the same page.
Talk about any discrepancies
At first glance, it may seem fair to ensure all your children receive the same amount of money upon your passing. However, you may want to give more money to one child because the other two have better jobs where they make more money. It is a reasonable request, but you should talk to your children about such an arrangement. There is a good chance everyone will understand, but you have to remain open about your intentions.
Carefully consider sentimental objects
In addition to money and property, you have to look at every item in your possession. This can include childhood toys or photographs. Sometimes, the smallest objects result in the biggest fights. You should talk to your loved ones about these items and see if they have a preference one way or the other.
Declare the best executor
The executor of your estate should ideally be someone who can remain objective. You would not want someone benefitting from your estate plan to be in charge of dispensing property amongst everyone else. Many people name the eldest child or a close family friend as the executor, which is a surefire way to create negative emotions.
