This week, let’s look at what can go wrong when a family comes together to settle the estate of a loved one. Sometimes, beneficiaries feel they’re entitled to more than what you had in mind. YOUR children fighting over your assets and personal possessions? Let’s hope not! But our beneficiaries fighting over their ‘fair share’ is more common than you might think.
A client who once balked at the time and money needed to properly plan his estate once told me: “Let them fight over it! I’m not doing this kind of planning!” I replied “Sir, on behalf of your three children, kindly allow me to say, that’s simply unacceptable! They don’t want to fight over your money. But if you fail to plan, they will!
Proper estate planning, i.e. preparing your Will, Trust, and Powers of Attorney and naming the people you trust to serve as your successor Trustee and Agents, helps to ensure the settlement of your estate will occur smoothly and without risk of contests.
That’s because properly drafted Wills and Trusts contain ‘no contest’ provisions, stating that if anyone tries to contest or invalidate the terms of the Will or Trust, they automatically disinherit themselves!
Fortunately, these and many other checks and balances in properly drafted Trusts help to keep peace in the valley. Should something happen to you, your estate will be distributed quickly and easily, with calm and good order. We can help keep those family fights to a minimum and preserve your family relationships for generations to come!.
Life Planning Inc. is exclusively devoted to helping you navigate the entire planning process quickly, easily, and cost-effectively. Give us a call at 877-438-7878 for your no-cost, no-obligation consultation.
Warner Lewis III