There is nothing wrong with expecting your family to get along after your death. However, once you are gone, there is always the possibility of disputes and conflicts arising over your estate plans. According to PR Newswire, “conflict and family drama are the biggest threats to estate plans.”
It is important for you to take steps to prevent potential disputes from impacting your legacy. Though you may have specific reasons for distributing your assets in certain ways, your loved ones might not respect or agree with them. Consider the following tips to strengthen your estate plan.
Provide provisions for all assets
When estate plans are vague, and there are concerns about assets being excluded, you run the risk of your beneficiaries filing disputes so that they can receive them. By making a complete inventory of all assets and properties in your estate plan, you can make sure you do not overlook loopholes and liabilities that your loved ones might dispute after you are gone.
Include a No Contest Clause
There is the possibility of your beneficiaries not agreeing with the way you want your assets to be distributed. They might also believe they should receive more or that certain individuals should not benefit from your estate plans. Consider adding a no contest clause to discourage beneficiaries from filing disputes. No contest clauses force beneficiaries to accept their inheritances as stated in your will. If they contest or dispute your plans, they lose the right to inherit from your estate.
There are a variety of strategies you can use to protect your estate plans and prevent conflict and disputes after you die. It would be wise for you to work with an estate planning attorney to protect your legacy.