Your estate plan lets you name a personal representative who will oversee your estate after your death and allows you to define how you want to distribute your assets. However, many people have yet to start the process of creating one of these plans.
According to a survey released by Caring.com, only 33% of Americans have made an estate plan. If you have yet to create your estate plan, here are some guidelines that can help you reduce disputes among your family members after your death.
Start your estate plan soon
You do not want to create your estate plan while you feel under pressure or have certain deadlines to meet. Allow yourself to think thoroughly about your decisions and make confident choices by working on your estate plan sooner rather than later.
Talk to your family members
Once you have your estate plan in place, hold a family meeting where you discuss the tenants of your estate plan with your loved ones. Be open and honest about what this plan includes so that there are not any surprises after your death.
Update your estate plan regularly
Changes in life situations, such as divorces, marriages or the birth of new children, can warrant the need to alter your estate plan. Reevaluate your estate plan often to ensure it reflects the needs of your loved ones.
Disputes among your family members can tie up your assets and property for years after your death. By taking these steps and properly planning, you can reduce the likelihood of family inheritance disputes from occurring.