Having an estate plan in Texas is all good and dandy until a dispute jeopardizes your assets and tarnishes your legacy. Disagreements about what you want can have serious financial repercussions.
Fine-tuning your strategy throughout your life may reduce tension and improve your family’s understanding of your intentions.
The contents of your estate plan usually address confidential details about your life. Sharing these details with everyone could compromise your privacy and increase feelings of obligation to vocal heirs. While experts recommend guarding your strategy, having a productive discussion with your family can provide clarity.
Your family may appreciate candid conversations about your intentions. You might also want to disclose notable changes to your plan if they involve your heirs. According to U.S. News, gifting inheritance money throughout your lifetime is one option you may consider. Keeping your family informed could improve understanding and support of your plan.
Arguably one of the biggest reasons for estate disputes is an outdated plan. You might know exactly what you want, but if you neglect to make formal changes to your plan, the courts will follow your original strategy. If you get divorced, for example, an outdated plan could mean your ex remains an heir to your estate despite the fact you have not had a relationship there for many years. This can cause immediate discord among your surviving family members.
Proactively updating your plan and involving your family in its maintenance may reduce confusion and increase satisfaction. With the right preparation, you can have confidence that your family will have a confident understanding of your end-of-life wishes when the time comes for them to close your estate.