How to Make Sure Your Estate plan Won’t Cause a Family Fight

A well-organized estate plan is a wonderful gift to your loved ones at a time when they may be grief-stricken and lost. But even the most well-meaning people can cause family rancor and resentment among their heirs. Sometimes the best laid plans on paper do not play out well in the real world, says estate and trust attorney Marve Ann Alaimo, partner at Porter Wright Morris & Arthur in Naples, Florida.

You can reduce the chances of family discord by doing these four things:

• Name the Right Executor.
  • People often name executors based on family hierarchy or personal relationships rather than considering the skills needed for the job. An executor should have the necessary skills and ethical qualifications for the task at hand.
• Include Person Property.
  • Little trinkets, pieces of jewelry, or sentimental items can often carry the most emotional value. Speak with children or heirs and make a list of what possessions each person wants and make a list. As a way to keep the peace or limit the fighting, Alaimo suggests adding a clause to the will that directs the executor to sell any disputed item if the heirs can’t agree on who gets it.
• Do Not Tie up the Money for too Long.
  • It is common for trusts to limit payments until 21, 25, or even 30 years of age. But when trusts or other documents limit doling out inheritances for decades, it could be seen as a punishment or lack of faith by the parents. It may be possible to retain too much control from the grave.
• Explain any Unequal Bequests.
  • If you do not plan on leaving each child or family member the same amount of money or assets, explain why either in the documents or in a family meeting.

See Liz Weston, How to Make Sure Your Estate plan Won’t Cause a Family Fight, Market Watch, October 30, 2018.