When it comes to planning your estate, you probably want the least amount of drama possible. Most families do not want to consider that disputes may happen. If you worry about inheritance disputes amongst your children, AARP has some ideas on how to avoid a fight.
To avoid a battle between siblings, you may want to consider calling a family meeting to talk about the ins and outs of your estate plan. Discuss your plans. Also, discuss how those plans might affect your adult children. If any children have a grandiose idea of what the inheritance looks like, then this is where you can set him or her straight about the reality.
If you can, you should try to divide your estate as equally as possible. Some parents feel as though they should provide the neediest children with more than they should provide the self-sufficient children. This can lead to children feeling punished for their success.
In addition, if you ever loaned any children money, then you will want to address this in the will. After all, you do not want your children confused as to whether they will have to pay your estate or if you forgave the loan after your death.
If you decide to ask one of your children to be the executor, then you will want to reason why you chose that specific child. Remember that the executor has a big job ahead of him or her. You need to choose someone who you know has the capacity to perform under pressure and that understands finances.
