When you begin planning for your retirement and end of life, you need to consider estate and will planning. This becomes increasingly important when you have multiple family members that could cause a dispute if all aspects of the inheritance are not planned out properly. With that in mind, there are a few tips to consider for your estate and will planning to avoid these possible disputes.
1. Subdividing Land
If you own several acres of land in one combined plot, then you may run into a land dispute with family, especially if there are several members of your family who would like real estate as an inheritance. One way to combat the issue of a potential family dispute is to subdivide the land pending your will reading.
There are several things to consider about subdividing land, but the basic concept would be for you to have the land move into subdivided properties with each separate lot being left to a different family member. This reduces disputes by being very specific about each aspect of the land.
2. Pre-Paid Funeral Expenses
You may be thinking that the one place a dispute will not happen is with your at your funeral. The truth is, there are several disputes that can arise during funeral planning, including the payment for your funeral and the arrangements. Some family members may disagree with the funeral home, location or even the way you want the funeral to occur.
If you use a pre-paid funeral option and have that tied to your estate, then you can avoid these disputes. The funeral will be paid for, arrangements will be made, and it can be stated in your will that this is your final say on the matter. All that your family has to do is show up.
3. Third Party Will Executor
One of the mistakes that many people make with their final will, especially in families where disputes are probable, is that they name a family member as executor of the will. Choosing a family member as the executor of your estate can lead to several issues, including the will being contested in court and tying up any inheritance in the court system until the dispute is settled. All too often, the settlement is not what you would have wanted.
Instead, have a third party, or non-family member, become the executor of the will. Make sure that you choose someone who stands to gain nothing from the inheritance and is not a beneficiary. This will make them impartial and the will reading fair.
4. Estate and Trust Planning
You may think that subdividing your land would be enough when it comes to real estate. The truth is, it may not be. This is especially true where large plots of land, several real estate options or multiple houses may be concerned. When this is the case, you may find that you need a wills and estate lawyer.
There are several reasons to use an estate lawyer, but the main reason why is that a wills and estate lawyer can help you navigate the legal guidelines regarding your specific real estate situation. They can also help you set up a legal trust should one apply to your situation.
These are only four of the steps that you can take to help reduce family disputes with your final will and estate planning. If you have specific issues you are concerned with, contact an attorney at Jackson Law Firm. We can help you with all aspects of estate and will planning and answer any questions you may have about your situation.