We work hard and build up assets and we are strong in the fight for causes that matter to us. It is very fulfilling to know that we can share our wealth and our legacy with our family.
It is impossible to plan for every eventuality, but careful planning can make a big difference, especially when it comes to your intentions and vision of your wealth management.
Communicating your clear intentions about your estate management, during life or beyond, can avoid costly and time consuming conflicts among your heirs or family members. One of the purposes of planning is to bring harmony and unity to our loved ones, not war.
Sharing your wealth management vision with your family can make them understand where you stand and why. If they understand where you want to go with your plan, they may share your same vision. If they do not understand, they may try to move in the opposite direction causing dissipation of your assets or mismanagement.
Remember, you want your family to follow your intentions and visions upon your death but you have put careful thought into which assets go to which beneficiaries and why. But, when the details of a plan are revealed, especially during a time of grief, differing opinions can create conflict. If your family unexpectedly discovers upon your death that there is a significant amount of money to be distributed, and you haven’t shared your rationale behind the decisions you’ve made, then you’ve set the stage for conflict and fighting – possibly even a costly and lengthy lawsuit.
To overcome these challenges, frame your estate planning around your guiding principles, communicate your intentions thoroughly in the trust, and explain your vision clearly to your trustees and beneficiaries while you’re still around to explain things. Remember that you do not have to give specific information about distribution, but you can share your intentions, your vision and your rationale behind your decisions.
When you attach your values to your estate plan and involve your family in the process, your estate plan now becomes a family plan, minimizing the risk of conflict.
Yahima Suarez, Esq.
Yahima Suarez, PA
Phone #: 305-456-7158
Yahima Suarez, J.D.
Estate Planning for your Family