When Ohio residents begin to think about estate planning, they can have many different goals in mind. For some people, preventing quarrels among family members when assets are set to be transferred is a major goal.
So, how can estate planning prevent family quarrels? Well, a recent news article noted a few tips that might help. For example, the article pointed out that sometimes the inheritance and assets that are passed on to other family members might be equated with the strength of the relationship between the estate planner and the one who is receiving the assets—fairly or not. The article noted that most parents who are passing assets on to their children, for instance, try to do so in an equal manner.
Another point that was brought up in the recent news article was that there is only so much that you probably want to do in terms of controlling the assets “from the grave,” as the saying goes. Yes, trusts can be helpful, but sometimes requirements or parameters are put in place that become too burdensome with time. That is when resentment can build.
Think of family dynamics
Anyone who is thinking about trying to avoid family quarrels as a goal in estate planning will want to think carefully about their own unique family dynamics. Every family is different and, as a result, every estate plan is different. What works in one situation may not work in another. Good communication while the estate plan is being worked out can help avoid confrontations or quarrels, especially if everyone knows what to expect.
