How Can an Estate Plan Minimize Family Disputes?
Many people go into the estate planning process with the intention of passing on their legacy, and property, to their loved ones. Another important reason create an estate plan is one that many people overlook. Thorough and thoughtful estate planning can help your loved ones avoid conflicts that could irreparably damage relationships and tear the family apart. Below, our Utah estate planning lawyer explains how having a solid plan in place can help.
Determine Who Administers Your Estate
Within your estate plan you can designate an individual to administer your estate. If you do not create a plan, a judge will determine who will take on this role. Not only may the judge’s decision not align with yours, but your loved ones may also argue if more than one person wants to fulfill the role.
Determine How Property is Distributed
Some of the most contentious family disputes pertain to which family members will receive certain types of property such as real estate, money, or personal items. This personal property does not always have significant monetary value, but it can have sentimental meaning to certain individuals.
Like designating someone to administer your estate, if you do not create a thorough plan detailing how your property will be distributed, state law will make the determination. This is not likely how you would want your property distributed and it may not be how your loved ones want it distributed either. This can create conflict within the family.
Determine Who Will Make Decisions for You
Advance directives and powers of attorney are important components of your estate plan. These legal documents designate someone you trust to make financial and medical decisions on your behalf. If you do not draft these documents, your loved ones may disagree about who will make those decisions for you. Not only can these matters result in lifelong conflict, but it may also impact how well your finances are managed and the quality of your care. Having a specific plan in place can avoid these issues.
Ensure Continuity for Your Business
If you are a business owner, your estate plan should include a succession plan to ensure that your business operations continue in the event that something happens to you. Business succession planning is even more important if the business is family-owned. Without a succession plan, family disputes regarding control of the business may arise. These disagreements are not only extremely damaging to family relationships, but they can also damage the business and may even force the sale of the business to someone who is not in the family.
Our Estate Planning Attorney in Utah Can Help
The only way to ensure that your estate plan avoids disputes within the family is to work with a Utah estate planning attorney. At AGS Law, our experienced attorney can review the facts of your case, guide you through the process, and properly execute the documents you need. Call us today at 801-477-6144 or fill out our online form to schedule a consultation with our seasoned attorney and to learn more about how we can help.
Source:
le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf
