Planning for the future may feel like a daunting task. This is one of the main reasons why you may have put off planning your estate until this point.
If you have yet to create a will or put together other estate planning documents and you are over the age of 55, Forbes states that you are among nearly half of people in the same situation. Even still, you should make estate planning a priority and take several actions to prevent discord among your family members later on.
Identify existing conflicts
Do not hope that simmering family conflicts will suddenly dissipate after your death. Instead, build in safeguards into your estate plan to minimize hard feelings among your family members now.
Select an objective executor
You may automatically assume that one of your children should be the executor of your estate. If you anticipate feuds over your estate becoming an issue, choose an executor with no legal or family interest in your estate.
Communicate your wishes clearly
Do not leave the specifications in your will and other estate planning documents up for interpretation. Instead, leave clear directions about what you want to happen to your assets, like your family home, retirement funds and other personal property.
After you finish your estate plan, hold a family meeting to discuss the stipulations you included for dividing your property and assets. Use this as your opportunity to explain your reasoning behind your decisions instead of leaving it up to speculation among your family members after you die.
