How to prevent your family from fighting over your estate

On Behalf of | May 6, 2021 | Estate Planning | 0 comments

Although there is no certain way to prevent fights, you can reduce the possibility of arguments occurring after your death. You should be transparent with your family and beneficiaries about what your estate plan is and whether you might adjust it over time. You should also follow the estate planning laws in Oregon to make sure your estate plan is legal.

Discuss your estate plan with a professional

The estate planning process goes more smoothly when you consult with an attorney who could help you minimize tax burdens and ensure that you do everything by the law. If there are any disputes among your family over an asset, the professional you’re working with could offer unbiased suggestions.

Always have your plan written and signed

Regardless of how well your family gets along, you should never rely on verbal wishes with something as complex and important as asset distribution after your death. People interpret and remember things in different ways, which can easily cause arguments. A court would make decisions on how to divide your estate if you don’t have a legal will.

Don’t try dividing indivisible assets

When it comes to passing down indivisible assets like businesses and houses, people sometimes make the mistake of trying to divide the entity among their children. Choose just one new owner of your business, your house and other indivisible assets. You can make up the monetary value to those who weren’t given one of those assets in a different way. Another idea is to stipulate in your estate plan that the beneficiaries must sell the house, then split the profits among themselves. If a beneficiary wants to own the house, they can buy it from themselves.