There are those who like to keep their financial affairs close to their vests, and many of them have good reasons for doing so and of course this is a personal matter. However, when you are engaged in inheritance planning you may want to reconsider some long held convictions in this regard. There may come a time to open up a bit in an effort to make sure that your loved ones are on the same page after you pass away.
The first consideration is going to be avoidance of challenges to your estate. This is very important, especially if you have reason to believe that there could be those who would logically have difficulty accepting your wishes. If you’re making any unconventional decisions you’re going to want to make sure that there can be no misinterpretations that open the door to a valid challenge. If possible it is a good idea to make your stance clear to all of your family members before you pass away so that there are no surprises that lead to ongoing acrimony and potential legal battles.
Outside of the big picture regarding legal challenges to your estate, there is also the matter of possible disagreements among family members when it comes to personal possessions that you may not have specifically mentioned in your estate planning documents. If you were to sit down with your family members and discuss why you want certain people to have certain things, and perhaps gain an understanding of which items hold particular sentimental value to each of your respective heirs a positive outcome is likely to ensue.
Communication is always going to be healthy, and this can even extend to how you would like to be assisted if you were to need help with your day-to-day living during the latter portion of your life. It is a comforting feeling to know that your family members will be seeing eye to eye and supporting one another after your passing, and communication is the key setting the stage for a resonant family dynamic.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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