Inheritance disputes remain a problem today. As estate values increase and family structures become more complex, family members may fight for a larger portion of a loved one’s estate. To avoid such issues, everyone should work with an attorney to ensure their estate plan is ironclad and there is no room for dispute. An estate plan can reduce the risk of claims and errors, leading to fewer disputes. 

Nevertheless, every individual should develop a relationship with a probate and trust litigation attorney, as family situations frequently change, and people acquire and dispose of assets regularly. This attorney can review the plan and recommend changes to reduce the risk of problems. With their help, an individual can preserve the estate’s value while managing shared property and minimize the odds of family members fighting when they pass. 

Creating an Estate Plan

Individuals should create an estate plan long before it is needed. Many people put this task off until they become ill or set a date for their retirement. When this happens, they may be unable to communicate their wishes. Every person should schedule an appointment with an attorney while in excellent physical, mental, and emotional health. This attorney will simplify the process while ensuring all documents are legal and valid. 

When drafting this plan, a person must clearly articulate their wishes and decisions. Remember promises made to family and friends and include those promises in the plan. Update this plan whenever there is a change in the family’s situation or the person’s circumstances change in another way. 

Gifts

Most parents divide their assets equally among their children to avoid inheritance conflicts. Uneven distributions can lead to inheritance disputes, even when one child is financially better off than others. When drafting the estate plan, be specific about each gift to ensure family members understand why certain decisions were made. 

Living Trusts

An individual should consider establishing a living trust, a fiduciary agreement designed to manage a person’s assets until they pass. When the creator of the living trust passes, the assets will be distributed to the rightful beneficiaries without going through probate. Probate can reduce a beneficiary’s inheritance and slow the distribution of assets. 

Furthermore, a living trust is private. When filed, wills become public records, which many people aren’t comfortable with. A living trust may also outline a person’s wishes to protect assets if they become ill or incapacitated. 

Joint Accounts

When two people share an account and one account holder passes away, the funds typically go to the surviving account holder. For example, a parent may have an account with one child. When the parent passes, most states say any remaining funds in the account immediately go to that child. This situation can lead to family disputes. The parent or account holder must outline in the estate plan what happens to those funds when they pass. When doing so, they must verify how the account was established at the financial institution so the two do not conflict. 

Every person wants to avoid family disputes when they pass, and an estate plan can reduce the risk of conflicts. An experienced attorney can help any person create a will or estate plan that is legally valid. However, having the documents examined by a trust and probate litigation attorney never hurts. They can review the documents and alert the individual to any potential pitfalls that must be addressed to reduce the risk of disputes. Having this attorney review the plan will give the creator peace of mind, which is priceless.