When someone passes away, it is often a time for families to come together and mourn as a unit. However, emotions run high, which can lead to conflict. Unfortunately, at the center of this fighting is often the estate left behind by the deceased. As such, doing what you can to minimize the risk of familial conflict is crucial. Keep reading to learn how estate planning can help and discover how a Medina County, estate planning lawyer can help you through these challenging issues.
What Common Issues Arise After an Estate Owner Has Passed?
Unfortunately, a number of issues can arise after the death of an estate owner who passed away without a Will or Trust. The most common issue is that assets may be split in a way that causes unnecessary issues. For example, if you have three children, and one is significantly more successful than the other two, an asset split evenly between all three may seem unfair.
Similarly, when you pass away without a Will, your estate is classified as Intestate. This means it is up to the state to evaluate and distribute your assets. They will do so according to their own line of succession. However, this means your assets may end up to those you did not intend to leave an inheritance. As such, this can be a cause of contention for your Beneficiaries.
How Can Estate Planning Reduce the Risk of Familial Conflict?
Taking the time to plan your estate can help reduce the risk of fighting and conflict over assets after you pass.
One way you can help minimize the risk is to make things as even and fair as possible. As mentioned before, splitting assets evenly between three siblings may not seem fair when one needs considerably less help than the others. As such, you can create terms in your Will to ensure each party gets an inheritance, but more equitably. For example, you may split your IRA between two of your children while leaving your other child an asset worth less monetary value. This allows you to still provide for your child without making the terms unfair.
Another thing you may want to consider doing is adding a “no-contest” clause to your Will. This means that any Beneficiary who unsuccessfully tries to contest the terms you decided in your Will relinquishes their portion of the inheritance. This can help reduce fighting or unnecessary legal battles.
When you need assistance planning your Will or creating a Trust, the dedicated legal team at Krause Law is ready to assist you. We understand how complex this process can be. That’s why we’re dedicated to helping people achieve peace of mind through their estate plans. Contact us today to learn how we can assist you through these complicated legal matters.
