Avoid family conflict and estate planning, P.1

Avoiding family conflict is an important goal in estate planning. Sometimes this is difficult to do, perhaps nearly impossible in some families. But there are a number of steps you can take in your estate planning that will certainly reduce the likelihood of conflict popping up later.

Many of the strategies we will briefly look at here involve making your wishes known. It is important to communicate your plans to family, as many conflicts pop up as a result of having no direction and forcing family to make tough decisions in a stressful or sad time. Among the strategies to help reduce the possibility of conflict are establishing a will or living trust, filling out an advanced health care directive, appointing a power of attorney to manage your assets, and filling out a HIPPA release form.

Setting up a will or a trust is foundational to estate planning, for these are the vehicles by which you transfer your assets. A will indicates the how and who of transferring your assets at the time of your death. Many people choose to base their estate plan on a will, since they are usually rather inexpensive. The downside of a will-based plan is that it will require probate, the court-administered process by which the will is authenticated and the assets listed in the will are transferred.

Trusts are a preferred way to set up an estate plan for some, as they maintain confidentiality regarding the disposition of assets, have more speedy and flexible distribution, and are less likely to be contested than a will. There may also be tax savings for those with more wealth.

In our next post, we'll continue discussing trusts and other recommendations for avoiding family conflict.

Source: Forbes, "5 Key Estate Planning Documents To Help Avoid Family Conflicts," Michael Chamberlain, October 21, 2011.

No Comments

Leave a comment
Comment Information

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

msg iconEmail Us For a Response

When you have legal questions or concerns, contact our team at Teiger Law Center, P.C., by calling 678-374-7645, 800-780-2275 or reach us via email by completing our online contact form. From our Cumming and Alpharetta law offices, we represent clients in the Atlanta metro and throughout north Georgia.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cumming Office
514 West Maple Street
Suite 101
Cumming, GA 30040

Toll Free: 866-726-2153
Phone: 678-374-7645
Fax: 770-406-8858
Cumming Law Office Map

Alpharetta Office
12600 Deerfield Parkway, Suite 100
Alpharetta, GA 30004

Toll Free: 800-780-2275
Phone: 678-374-7645
Fax: 770-406-8858
Map & Directions