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3 ways to reduce inheritance conflict

| Nov 12, 2020 | Estate Planning |

Putting together a Florida estate plan gives you a chance to dictate what you want to happen to your legacy and who you want to gain access to it. Unless you are careful when creating your estate plan, though, your loved ones may run into trouble if one of your beneficiaries raises ire about your decisions.

According to AARP, there are several strategies you may want to use to lower the chances of your family members finding themselves embroiled in a lengthy and expensive inheritance dispute.

1. Resist the urge to make unequal distributions

You may have concerns about one or more of your children or beneficiaries being irresponsible with what you leave behind. It may serve you well to avoid leaving one child more than the others, as this could cause unnecessary infighting. There are other strategies you may be able to use to limit how much a financially irresponsible child receives at once.

2. Have valid reasons for choosing your executor

Sometimes, conflicts may arise if you choose one child for the executor role over the others. So, you should have a sound argument ready for why you did so. If one child is more knowledgeable about the probate process, this may constitute a valid reason for choosing him or her. If only one child lives in the same state as you, this, too, may make a valid argument for choosing that party.

3. Communicate your plans early on

You generally want to avoid putting anything in your estate plan that may come as a surprise to your beneficiaries. You do not have to give your kids exact dollar amounts when it comes to what they stand to inherit. However, giving them a ballpark idea may help avoid future conflicts later.