Top Tips For Smooth Estate Planning

When a loved one passes away, it is a very difficult time for the family. When it comes to reading a will, things can sometimes get downright nasty. Sadly, the reading of the will can cause long-standing bouts of rivalry and arguments among different family members. That is why it is essential that you have your will and trust ready to go before you pass away. The following is something to think about so that there is a smaller amount of problems in your family:

Communication is Key

When you are making out your will, it is best to be communicative in the very beginning. You need to let your loved ones know exactly who will be receiving assets once he passes away. This will Salt and a more amicable estate settlement. The last thing that you want are feuds to occur because someone made an assumption about what they would receive after you're gone.

When you are planning your estate, you need to name a neutral party as executor of your will. Sometimes, this job cannot be trusted to a child or sibling of yours, as it can cause a great deal of animosity amongst the family. Instead, consider using a more distant relative or very good friend to be the executor of your will. This will help protect the family unit and prevent hurt feelings. It also ensures that your will is executed in exactly the fashion you desire.

Do Not Assume

Another thing that you should avoid is assuming any particular family member would want a certain item. Just because something is worth a lot of money, for example, does not mean they he or she would prefer that item over something more sentimental. You may have a child that would rather have your plain gold wedding band instead of your two-carat diamond ring.

Have a discussion with your children about the sentimental things that you have. You may have items that your children consider very sentimental that you were not aware of. It is easy to divide up money and expensive property and assets, but it is much more difficult to divide up anything that is considered sentimental. Try not to make any assumptions about who would want what. Simply ask the kids and any other members of your family what their feelings are towards certain things.

Crucial Aspects of Estate Planning

Once it is time to start planning your estate, there are some crucial steps you need to take to make sure everything goes smoothly. Talk about your plans with your family and get their input. If you have minor children at the time, you need to name the guardian for the children should you pass away. It is also nice to have a separate letter in your state that is not connected to your will that discusses your feelings, thoughts, hopes, and dreams for those left behind.

You may want to pick one certain item for each recipient that has a special meaning between the two of you in addition to any other items you leave in the will.

 If you are married for the second time, make sure that your children from your first marriage, as well as your former spouse, is aware that you have a will and trust. This will ensure that those children will receive what is due to them upon your death.  

Contact a law office like Barrett Twomey Broom Hughes & Hoke LLP for more information and assistance.