You may spend a tremendous amount of time, money and energy deciding how to distribute your assets to your loved ones after your death. It may be necessary to spend even more time and attention on having conversations while you are still alive that will prevent discord later.
Some tips to maintain peace among your heirs:
- Choose trustees very carefully. Think through the decisions that a trustee will need to make for beneficiaries and consider the personalities involved. Sometimes paying the fee for a corporate, neutral trustee is worth every dime.
- Consider creating separate trusts for each beneficiary (rather than one large children's trust). This can mitigate some friction between trustees and beneficiaries as well as provide a level of privacy.
- Leave a document that outlines your concerns and sage advice and guidance. This may invoke compassion between the beneficiaries and encourage cooperation.
An experienced estate planning attorney can help guide you through the process, point out issues you may not have considered and help you construct an estate plan that encourages a peaceful resolution among all the beneficiaries. Contact Stouffer Legal at 443-470-3599 in the greater Baltimore area.