One of the biggest challenges in creating an estate plan is coping with issues due to sibling rivalries. If siblings have been in the midst of constant drama with one another their entire life, this can lead to the parents putting off estate planning altogether.
When it comes to distribution of assets, a trust is one tool that can be used to manage the different personalities and spending qualities. Money can increase tensions between siblings. Even though it might be easier to avoid talking about these issues to diffuse conflict, it’s more important to explain goals and objectives to their children.
This is so that children, even siblings with their own levels of conflict with one another, can know there’s a plan in place and that the creator of that plan is happy with the decision they’ve made over Pasadena estate planning
Certain plans increase the possibility that family disharmony could be brought out in a deeper level. Naming one sibling, for example, as a trustee, could prove to be a problem when that sibling now has the power to set limits on other siblings. A corporate trustee could help to minimize the chances for additional arguments between siblings.
In addition to all these tools, use a letter of intention to explain why certain decisions were made. This can include additional details about why there is a disparity in an inheritance, which might cut down on the chances of a lawsuit filed by an aggrieved party. Talking to a Pasadena estate planning lawyer can help you work through some of the obstacles around sibling disharmony.
