So, you’ve made the decision to begin estate planning. Making a plan is a smart and beneficial decision for your family. It ensures that your legacy, the physical part of it at least, remains with family and loved ones.
That said, it’s easy to miss pitfalls during the process. Ignoring these problems can lead to messy legal battles and having your wishes overlooked. Here are a few problems to take into account during the estate planning process.
Usually, the benefactors of a will are the surviving children. While most families are happy and stable, there are some cases where grudges do not subside. Not taking into account sibling rivalry during the planning process can lead to lengthy, and often nasty, legal battles where multiple parties fight for whatever is left.
Experts always recommend discussing your wishes with your children during the planning process, or at least leaving a letter explaining the distribution of assets. It’s not always the case that feuding siblings will reconcile over a loss in the family, and leaving behind some sort of reasoning may help smooth tensions.
Depending on when you begin estate planning, it’s possible to overlook details. This applies to people who start early but fail to update their paperwork after changes occur. In many cases, people overlook divorces, new marriages or disinherited family members (those who won’t receive anything after your passing).
It’s crucial that wills reflect changes in the family or else it becomes a mad dash for assets that may end up going where you never intended. Update your will regularly to make sure your wishes remain current.
Under the Influence
People must remain vigilant when it comes to those outside the family. It is extremely common for personal caregivers to work their way into wills, especially when your loved one is near death.
Caring for a family member who is near the end of life can be extremely stressful and tiring, so it is not uncommon for families to hire outside help. However, experts note that if you care about your parent’s assets, care for your parent. Continuing to care for him/her once death approaches ensures they won’t be manipulated by outside influences.
Here to Guide You
Estate planning is a complex and important process that Barrera Sanchez & Associates understands is crucial for your family. We work with you to ensure that your wishes are met no matter the circumstances and that your family is cared for. If you would like to learn more about estate planning, contact us online or call us at 956.287.7555.