Here for YOU Today and There for your FAMILY Tomorrow

Another Reason for an Estate Plan: Reduce the Reasons for Family Feuds

05/01/2017

Another Reason for an Estate Plan: Reduce the Reasons for Family Feuds

Inheritances often cause drama within families. According to a survey of 2,700 people conducted by Ameriprise Financial, as many as 25% of respondents said that an inheritance caused stress within the family. Sometimes, it’s a slight bump in relationships, but other times it can result in a fractured family. All estate planning attorneys can vouch for this sad fact.

Newsday’s recent article, “Report: Inheritance causes tension in 25% of families,” shares some ideas on how to keep the peace.

Memorialize your wishes in writing! This is absolutely the most important strategy for avoiding a family feud at the death of yourself or a loved one.

You need to make sure that you have the proper estate planning documents in place, drafted by an experienced estate planning attorney like DANIEL T. FLEISCHER, ESQ. The most important of these is a will, which documents your wishes and intentions concerning your assets. It also appoints fiduciaries with instructions to carry out your wishes.

In addition, consider these other notions:

  • Avoid family rivalries. Don’t leave your lake home to be divided between two siblings who don’t get along. Instead, you can direct that the cabin be sold. You can also just bequeath it to the one who enjoyed it the most and make things equal in the estate with other assets.
  • Play hard ball. In some states you can add a no-contest provision in your documents, so if anyone contests your estate plan, they will lose their inheritance. PLEASE NOTE these clauses are unenforceable in Florida, however I have seen them on many documents when I review my client's prior documents.
  • Use insurance as a tool. An insurance policy with a designated beneficiary is a smart way to make a gift to someone and won’t be challenged easily.

Frank conversations on a regular basis can help manage expectations, so that everyone knows, before you pass away, what they will be inheriting, from financial assets to a family artifact. Having a conversation with family members before you pass away, may not alleviate all of the tensions, but it will help prevent any surprises or major disappointments.

These are not easy conversations to have, but consider what could happen without any discussions. It may be helpful to bring your adult children to meet with your estate planning attorney, so that they understand the process better. This also gives your estate planning attorney useful insight into the family’s dynamics. However, this may be a drawback if there if undue influence is asserted.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Newsday (April 2, 2017) “Report: Inheritance causes tension in 25% of families”

Testimonials
★★★★★
Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.
★★★★★

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.

P.M.