Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Many families have worked through the details of divvying up a deceased loved one’s property remarkably well and ended up even closer. Having counseled families for years, we offer the following pearls of wisdom to help your family avoid fighting over your property when you are gone:
- Be open and communicate with family members and loved ones. Hold a family meeting to discuss your final affairs and wishes.
- Write a letter and share it with loved ones. If the idea of a family meeting strikes terror into your
heart because you envision sibling rivalries flaring up, it may be better to write a letter carefully
explaining your goals and wishes as they relate to your Estate Plan. - Settle on a method for personal property distribution. Many families find it very helpful to discuss how personal property will be divided well ahead of a parent’s passing.
- Review your estate documents regularly. In many instances, people discover that they either never fully understood what was in their Estate Planning documents or have forgotten what they included.
- Pay close attention to how your assets are titled. A litany of horror stories exists about beautifully
designed Estate Plans that fell apart because assets were titled improperly (i.e., in the wrong name). - Check beneficiary designations. You should carefully examine beneficiary designations on life
insurance and retirement accounts such as IRA and 401k accounts to ensure that they accord with
your Estate Plan. - Spend more time together as a family. Consider using a portion of the money that you would otherwise leave to your loved ones to bring them together while you are still here. You have spent a lifetime acquiring your property. The last thing you want is for that property to be the cause of anger, resentment, and frustration among your loved ones. By following even one or two of these suggestions, you can make a huge difference in your legacy. A little effort now can pay big dividends when you are gone. For more information, please do not hesitate to give us a call as we are experienced in helping to avoid family discord with a properly structured Estate Plan and in helping to sell any property.
Look for The Property Sisters monthly segment in Stroll Palos Park, or contact:
Bridget Gricus (708) 814-6253, bridgetgricus@gmail.com
Eileen Kerlin Walsh (708) 448-5169, Eileen@KerlinWalshLaw.com
