Everyone Should Understand Your Estate Plans: Not Just You and Your Attorney
Ever heard the advice, do not start a business with friends and family? Makes sense after all, money and emotions are both hard to balance, it can become ever more difficult to manage both. One of the problems with estates and probate is sometimes you cannot avoid financial disputes with relatives. These events can change the way relatives look at each other. One way to avoid these problems in the future is to make sure all relatives and beneficiaries undertstand your estate plan before you are gone.
- Believe it or not just because you wrote out you Palm Beach Estate Plan with an experienced Palm Beach Probate Attorney does not mean that there will not be disputes.
- Everyone is going to want to read that will differently and where you put a comma can matter.
- There are a few things that you can do to minimize the liklihood and extent of your estate disputes.
- Pick a Personal Representative in advance and let everyone know. Just let your family know who you are choosing and end the dispute before it starts, explain why (if the reasons are not going to start more fights!). Often families will pick the person with the most education or possibly experience in the area. Furthermore, some will pick the family members who stuck around and took care of the decedent in their old age. Either way, let everyone know ahead of time who your Personal Representative is and why if necessary.
- Explain your estate plan. The other day I working on an estate where a person had set up a pour over will which worked by setting up a trust that his estate would be set into. The man asked me “what happens if I die before the trust is fully set up and before my assets are put into the trusts name?” Great Question! His whole family had the same question for him. Explain this kind of stuff ahead of time to prevent disputes later in life.
- Understand it. This should go without saying but make sure you understand your Palm Beach Estate Plan and if you do not have it explained by an experienced Palm Beach Probate Attorney.
These may seem like common sense and if they are, thats good, you are on the right track to asucessful Florida estate plan with minimal probate and expenses and your relatives will be thankful. Want to learn even more ? Check out our FAQ video library here: http://www.pankauskilawfirm.com/Firm-Overview/FAQS.shtml