2 Things You Can Do To Prevent Your Estate Plan From Being Contested
As you enter your golden years, you are probably thinking about what you should do with your money and how to distribute your hard earned wealth after you die. You are probably planning on meeting with an estate planning attorney, and hope to organize your estate in a way that is fair and reflects how you feel about your loved ones and your estate. However, many families dispute estate plans and can make the process very difficult. This is why it is best to do everything that you can to avoid your family contesting your estate plan. Here are a couple things you can do.
1. Explain The Reasoning Before You Pass Away
One thing that many people do is keep their estate plan a secret. The problem with this is that is doesn't allow your family to ask questions or to know that this is what you really wanted. If you blindside them with an estate plan that they weren't expecting, they might worry that you chose this option under duress, that you were coerced, or that it was unfair. However, if you can sit down your family and read the estate plan before you pass away and let your loved ones know your reasoning for doing what you did, it can clear up any misconceptions.
Although this won't guarantee that your family will avoid contesting the estate plan, it can help to give explanation and hopefully make it easier for the family to handle.
2. Use A Trust Instead Of A Will
Another great option is to use a trust instead of a will to house your money. A will is problematic for many reasons. A will has to go through probate and a will is on public record so most people choose to put instructions only in their will, and all of their money in the trust.
The trust is a better choice because it gives you more control even after you pass away. You can choose how the money is used to insure that your hard earned wealth is used for things that you approve.
For instance, you can leave money to your family for education. In order to get their money they may need get certain grades, be enrolled for a certain amount of time, pass a drug test, and so forth. You can choose how often the money is distributed and so forth. A trust is very hard to dispute, so even if your loved ones disagree, it will be harder to contest it.
By doing these two things, you can protect your estate plan. For assistance, talk to a professional like Hurth Sisk & Blakemore LLP.