For most of the world, the concept of family is as complex as it is comforting. Connected by lineage rather than some other frivolous method of selection, our families are important to us because they are typically the ones who care for us when we are sick, and the ones who will keep our legacies going once we pass away.
Nevertheless, no matter how close the family, making a plan for your assets can be one of the most difficult tasks for any family to complete. Below are a few tips to help keep the peace during estate planning.
1. Check those feelings at the door
Although it is obviously easier said than done, each family must make a conscious effort to check their feelings and emotions in favor of what is best for the family. You need to be able to properly assess and allocate property to the most suitable family member.
By checking your feelings at the door and focusing on objectivity, you can eliminate the matters of both bad blood and favoritism, and hopefully leave room for the family to make sound decisions in terms of who is the best fit for each item.
2. Strive for even distribution
Although everyone is subject to a different set of circumstances, attempting to divide things evenly amongst all offspring is typically the best course of action. Despite the fact that one may be doing much better or worse than the others, things tend to fluctuate and change over time. Therefore, unless there is an issue that will affect one or all children indefinitely, it is best to try to split the assets equally.
3. Choose the director of your estate
Lastly, choosing the director of your estate is one of the most vital elements of estate planning. In addition to doing your best to iron out all issues whilst living, it is best to make sure that you select someone who you feel is capable of managing all potential turmoil and unforeseen circumstances to decrease the familial drama in your wake. Be sure to choose not only someone who is intelligent and pragmatic but also someone who the family trusts and respects. This is the best way to minimize issues both now as well as later in life.
Estate planning can be a highly tedious task. Nevertheless, by following these tips, you will make the process easier on yourself as well as your loved ones.
