Are you worried that your family will be unhappy with how you have chosen to distribute your property after you pass away? If so, you need to take steps now to avoid inheritance disputes.
While there’s no way for you to stop all disputes that may occur, you can take steps that will help prevent these situations.
Create a will
It doesn’t matter how old you are, having a legal will is the best way to prevent inheritance disputes. If you make your wishes clear, it will reduce the likelihood that someone will feel cheated or jilted. Remember, if you don’t have a will, then the state laws will control how your estate is distributed. There’s a good chance it won’t be how you want it to be.
Talk to your family about your decisions
Telling family members, the “why” behind how your estate is distributed will help them know your reasoning, which reduces the possibility of them arguing after you die. While there is no guarantee this will eliminate all potential disputes, it’s a step in the right direction.
Take steps to reduce the likelihood of probate
While having a will is a good first step, you also need to take other steps to prevent probate. After all, it can take some time to complete and the more time it takes, the more likely there will be disagreements.
Some additional steps you can take to help avoid probate include giving your assets as gifts before you die, forming revocable living trusts, naming death beneficiaries on transferrable accounts and considering joint property ownership.
Protecting your family from arguments after you pass away
Sometimes, arguments and disagreements will occur when a family member passes away. However, when you take the steps here, it is possible to prevent some of the ones that may happen.