While taking care of estate planning duties in California, contention and disputes that occur after the passing may be a concern. Unfortunately, family disagreements can arise over estates of any size.
Besides planning to take care of loved ones financially, it is natural to want to provide them with mental and emotional peace after one’s passing. Staying aware of these common issues is an essential aspect of estate planning.
Few people like discussing their death, but it is a necessary conversation for estate planning. Most children want to know what their parents’ wishes are regarding their assets, real estate property and such. This is especially true if a parent plans on donating a portion of her or his estate to charity. Beneficiaries who know about major changes to an estate in advance are less likely to try to dispute those changes later.
No professional financial assistance
Besides legal professionals, financial professionals can also offer solid estate planning advice. Accountants and financial advisors have the experience needed to anticipate unforeseen or overlooked problems. Additionally, financial professionals can offer tips on how to discuss an estate with beneficiaries.
Not having the right life insurance policy
Some individuals choose to funnel their company or property through a trust-owned life insurance policy. This can allow for the equal division of an inheritance while an adult child or children continue to live in the house or operate the business.
Assets left to fight over
Depending on family dynamics, it may be better not to leave adult children anything to squabble over. A person has the option of stipulating in a will that she or he would rather auction off all assets. Another option is equally splitting all auction proceeds between beneficiaries.
It may not be possible to please all heirs with an estate plan. That said, knowing about the typical causes for estate drama can help when making a plan.