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Coordinating an estate plan to prevent inheritance disputes

On Behalf of | Dec 16, 2019 | Fiduciary Representation |

When people begin the process of planning their estate in Texas, they may be facing uncertainty and hesitation when it comes time to designating beneficiaries and heirs. They may have anxiety about choosing the right people and hoping that they do not offend anyone in making decisions regarding how they would like their assets to be split. This concern is valid considering how often surviving family members quibble over what should be done with a deceased person’s remaining assets.

According to Forbes, many parents consider equally splitting their assets between all of their children. However, in some cases, this decision may not be the most appropriate. For example, if one of their children is disabled or requires significant medical treatment, they may consider allotting a fair amount to each of their children, but this amount may not necessarily be equal regarding worth. suggests that preventing family disputes after a person’s death is mostly the result of effective estate planning long before death is on the radar. Throughout the process of planning their estate, people should be in constant communication with people who will be playing a role in their estate and its execution. This group of people includes heirs, dependents, beneficiaries, executors and witnesses among others. The more information people have, the better prepared they will be to assume their responsibilities and to accept their allotment without questioning what the deceased person would have wanted to happen.

When people include all of the details in the writing of their estate plan, they will leave no gray area open to personal interpretation. Planning also allows family members to ask questions and address their concerns with the appropriate party before death makes the process of getting questions answered a lengthy and contentious process.