It is vital that every adult think about an estate plan. One problem that many people encounter with an estate plan is having their family dispute it after they pass away. Disputing the plan can be expensive and takes a good deal of time. This is why it is so important that, when you create an estate plan, you do it correctly and take steps to protect it from being disputed. Here are some tips.
1. Create Trusts
The most important thing you can do to protect your estate plan is create trusts rather than keep everything in the will. This is because wills are executed differently than a trust. A will has to go through something called probate, and probate has to be overseen by a judge and can take a good deal of time. In addition, the will isn't as iron clad as a trust. You will still have to make a will when you give information about the guardian of children and specific instructions pertaining to your kids, but all of your assets and money should be put into trusts.
With a trust, you will name a trustee who will execute everything. You will get to choose who gets what and even have control over the trust after you pass away. This is because you choose the terms of the trust. It is by far the ideal way to organize your money.
2. Keep It Even
Second, try to keep everything even and direct. One of the biggest mistakes people make is giving more to one child, leaving someone out, and so forth. When this happens, it is sure to raise red flags, and you can expect the person who was left out to dispute it. If you can keep everything fair, it will make the estate plan stronger.
3. Tell Your Family Ahead Of Time
Lastly, tell your family ahead of time what the estate plan looks like. This way they can ask you questions and you can explain why you did what you did. If you wait until after you pass, people are left wondering without the chance to ever get closure. In addition, they may not agree that this is, in fact, what you wanted. If you explain ahead of time why you are doing what you're doing, it will be easier for everyone to handle.
For more tips on estate planning, work with attorneys at firms like Christena Silvey Coleman CSC Law, LLC.
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