Families argue. It’s not the most shocking statement ever made because it’s true and we all know it’s true. However, it’s a more shocking opening than the actual subject of this post: families argue about money. It’s a universal truth and a statement that should not surprise anyone. Yet, many people do not think about it when they are making their estate plans.
It does not matter how much wealth, or lack thereof, you leave behind, your family may well have arguments about it. Not everyone will always agree on what to do with the money and whether it is being distributed appropriately. This is something that you should anticipate in your estate plan. A good estate plan minimizes the amount of damage that family disagreements over money can do. A good estate plan makes sure that a responsible and respected person has the authority to settle any disputes and make decisions.
You cannot stop your family from arguing over your wealth when you are no longer around to settle the argument. But, you can provide a framework to make sure that any arguments are handled as quickly as possible. Sophisticated planners often use a Trust Protector or Special Co-Trustee to help in this regard. Talk to an experienced and qualified estate planning attorney to find out how you can make that a part of your estate plan.