USE ESTATE PLANNING TO AVOID SIBLING RIVALRY

In addition to giving you peace of mind, an effective estate plan can ensure that your survivors understand your final wishes for your assets. At Luis E. Barreto & Associates, P.A., our attorneys know how important it is that you leave a legacy without conflict. There are several considerations for people who wish to prevent sibling rivalry when determining heirs and their inheritance.

As a report from Bankrate.com points out, fighting over inheritance is not only stressful, but it can be time-consuming and expensive. To decrease the likelihood of a feud, people putting together an estate plan should also be sure to keep it updated. After any major life change, such as births, deaths, marriages or divorces, you should review your plan to ensure all heirs are accounted for and assets are divided appropriately.

Bankrate.com also suggests the following:

  •        Let your heirs know about your plans, taking the time to explain your decisions.
  •        Do your best to divide property as equally as possible among children or in a manner that is fair.
  •        Appointing a third-party estate administrator may be better than having to choose one sibling over another.

Experts also advise that people who are reviewing asset allocation consider end-of-life and funeral decisions. Clearly listing what your wishes are regarding medical care, a funeral, a burial or a cremation will prevent your children from having to guess at what you would have wanted. During times of grief, the added stress of making such decisions could quickly result in a fight among siblings.

For more information on this topic, please visit our page on putting together an estate plan.