One problem that frequently stems from the inheritance process is fractured relationships between siblings. Unfortunately, the common denominator in many of these situations is the parents’ estate plan. In this article, I will introduce you the three steps to estate planning
Many parents revise their initial estate plans once their children become adults. However, this process often does a poor job of preventing a serious problem that no parent would wish for.
Common problems between siblings that arise out of the inheritance process include lack of communication, failure to agree if and how property should be sold and maintained, and failure to agree on who should be paying for the final expenses. These are just a few of the possible problems that arise out of the inheritance process.
Below are three steps that will help you avoid family friction throughout the estate planning process.
Step 1: Hire The Right Estate Attorney
Consider obtaining your estate attorney by getting referrals from professionals who have a long history of seeing the aftermath of the estate plans created by various attorneys.
Step 2: Create A Financial Overview
A well-made estate plan can go to great lengths to reduce the problems associated with estate planning, but it does nothing to help your beneficiaries determine what you own and where you own it.
This inventory list should include, a list of all assets, liabilities, and insurance policies, contact information for all financial and legal professionals you have relationships with, usernames and passwords for any websites and a legacy letter.
Step 3: Schedule a Family Meeting
The family meeting can be done with the parents and all of the children who will be inheriting assets. In this meeting you should outline the your intentions for your estate plan. You will want to ensure that one trusted person understands where things are and what to do with them once you are gone.
See Ty Bernicke, Three Steps To Estate Planning Without The Family Friction, Forbes, July 2, 2020.
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