Senior ThursdayDeath and dying are not very comfortable conversation topics. Who wants to talk about life after they leave this earth? Yet being prepared is important, especially in larger estate matters. Tying up an estate in court usually results in the lawyers making more money than the children will inherit.
In order to have peace among the family, and make sure they get as much as possible from your estate, it is important that you have these discussions and make these decisions. But more than making decisions, you must make the right decisions to prevent feuds among your heirs. Here are some ways you can prevent these arguments.
· Name only one trustee—the most competent of your children, rather than co-trustees.
· Name a corporate trustee who can be an impartial party.
· Meet with your children (either individually or in a group) and discuss your estate plan with them.
· Explain your choice of trustee to your children.
· Tell your children as much as you are comfortable with about your assets, net worth and debt.
· Collect all your financial information in one place for your children/trustee.
Talking with your children now will prevent stress later.