When musician Aretha Franklin died last month, she failed to leave a will. With her estate valued at more than 80 million dollars, her failure to complete an estate plan has put her heirs in a difficult position. An attorney who worked with Franklin for years says he urged Franklin to create a will or trust.
According to the Detroit Free Press,“These documents would have made the estate process seamless and private (estate files are made public during the probate process).”
We concur. Of course, families can fight even when their departed loved one leaves a will. But those hassles are nothing compared to the chaos which can ensue when the family is forced to fight about absolutely everything for months or even years. In many such cases, irreparable resentment and loss of familial communication can result. Careful estate planning can minimize this risk or enable your heirs to avoid the problem altogether.
Ways you can build your estate plan to minimize family conflicts:
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Keep your plan up-to-date
An up-to-date estate plan can preserve family unity after your death or if you become incapacitated. Even if you put an estate plan in place recently, estate planning is an ongoing process which needs attention at regular intervals. An out-of-date plan can become misaligned with your goals, new laws, and policies, rendering it less effective and more likely to generate conflict (which is the last thing you want).
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Select key individuals in your plan
Assure your family and make your wishes easier to carry out by selecting the right people as key players in carrying out your estate plan. Make sure that you’ve thoughtfully selected the right people to honor your wishes:
- Successor Trustee
Will manage your trust’s assets when you are unable to do so.
- Executor
Appointed to manage your probate estate, if one is needed. In many cases, you may select the same person as your successor trustee. However, if you don’t, remember that your executor must work closely with your successor trustee to make sure that everything is handled smoothly and in a timely fashion. - Health Care Proxy
Communicates with your medical providers and makes medical decisions if you are unable to do so. - Financial Agent
Authorized to make financial decisions on your behalf. They will likely need to work closely with your successor trustee, or you may designate the same person to serve in both roles.
- Successor Trustee
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Share your Wisdom
By sharing your stories and wisdom (through ethical wills, intent letters, personal stories, videos, etc.), you can help your family understand the legacy you want to leave so the wealth you’re leaving doesn’t become a distraction or point of contention. -
Don’t Try to DIY
While it might be tempting to cut corners and take your estate plan into your own hands, taking a do-it-yourself approach is ill-advised. This sets the stage for potentially inadequate planning, which increases the likelihood of will or trust contests. It could likely mean your estate won’t be properly distributed. Let your estate planning attorney do the heavy lifting. At Skvarna Law Firm, we’re always here to help.
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Be Clear about your Intentions
Do you plan to give more of your total assets to one child than the others? Are there other ways your estate planning goals could upset someone you love? It can be a very tricky subject to broach. But if you foresee hurt feelings, consider leaving clear instructions about your wealth distribution plans. This will limit the potential for confusion and disagreements down the road. While explaining this to your family may or may not make sense, it’s important to let us know your intentions so we can develop a rock-solid legal strategy for your goals.
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Consider Discretionary Trusts
Do you have a child or other potential beneficiary who struggles with addiction, mental health problems, or other conditions which could hinder their ability to use their inheritance in a healthy way? If so, you might consider creating a discretionary trust. With this type of trust, you can control disbursements based on the beneficiary meeting certain requirements (such as attending a treatment program or enrolling in higher education). This can help you treat each child fairly by taking into consideration what is best for each child’s unique situation.
Will or trust contests can tear a family apart. And they can also be time-consuming, costly, and embarrassing for family members who remain. But far worse is leaving the matter entirely to chance. Don’t take a chance like Aretha Franklin did. We’re here to guide you every step of the way. We will help create and maintain a timely, robust, and strategic estate plan. Give us a call today to make sure your plan is current and includes all the necessary provisions to keep a contest from occurring in the future.
About Skvarna Law
A skilled attorney can with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
