Unfortunately, money has a habit of bringing out the worst in people, even in the best of families. One of the most important reasons to get your Oregon Estate Plan handled is to avoid possible family conflict. Yet, without the right counsel, your estate plan could actually cause conflict!
Here’s what to do to make sure that’s not the case for your family:
Communicate Your Plans Ahead of Time
We recommend inviting adult children into the planning process. Letting them know ahead of time why you have made the decisions you have made. These can be difficult conversations. We don’t recommend doing it without the guidance of trusted counsel.
Do Not Put One Sibling In Charge of Another Sibling’s Inheritance
Unless agreed to ahead of time by both siblings, putting one sibling in charge of another will almost always lead to resentment and disagreement. You can avoid this with strong communication and agreement ahead of time. Or you can appoint someone else to care for your child’s inheritance. We can help you think that through.
Transfer Some Now Instead of All Later
Consider how you can begin to transfer assets to your children during your lifetime. When you can influence how they use those assets. And you can pass on your values right along with them, instead of waiting until you are gone to pass on everything you’ve worked so hard for.
Make Changes When Necessary
Estate planning is an ongoing process, and when changes occur in your life – even if it’s the divorce of a child or the arrival of a new grandchild – your plan needs to change as well.
Choose the Right Advisor
Developing a strong working relationship with an Oregon Estate Planning Attorney will allow you the freedom to frankly discuss your family dynamics, plan accordingly and keep the family involved every step of the way.
If you would like to learn more about creating or updating your estate plan, call our office today to start a conversation about how you can prevent family conflict.