How to Avoid the 5 Biggest Fights Over Death and Legacy

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One of the most selfish things a person can do is neglect to plan for those they leave behind after they die. Some people simply don’t care, expressing their indifference through inaction and hoping everything will just work out. However, anyone who has watched court reality TV knows things often don’t work out fine after someone’s death. To avoid unnecessary conflicts and protect your legacy, follow these essential steps.

writing down important information1. Write Everything Down

Communicating your intentions verbally isn’t enough. Document everything, either through legal forms for assets and liabilities or by listing personal items that may or may not have monetary value. Ask any estate lawyer how much money has been spent on legal battles over something as trivial as a favorite cookie jar or a family painting. People will fight over things you might not expect, so write down your wishes clearly.

2. Plan Your Final Arrangements

Don’t let your legacy be marred by disputes over your final arrangements. You might have mentioned in conversations that you want to be cremated, but some family members may prefer a burial. Clearly outline your preferences in writing. This is especially important in cases of second marriages or other complex family dynamics.

3. Regularly Review Your Legal Documents

If you’re leaving behind an estate with assets, review your legal documents regularly. Your wishes may evolve over time, and tax laws or other regulations can impact your estate. If you’re not dividing your estate equally, clearly articulate in writing why you’re doing so to reduce the potential for post-death litigation and anger among family members. Also, ensure all your assets are properly titled in the legal trust name.

4. Choose the Right Executor

Pick the executor who is best suited for the job, not necessarily the most likable person. Consider including a clause in your documents that allows the executor to receive compensation for their time, which they can accept or forfeit based on their choice. While being asked to be an executor might seem like an honor, it’s often a thankless and challenging task. Provide detailed instructions for the executor to follow. For example, if

you want your children to receive a specific amount when they turn 18, ensure that the money is segregated and only invested in low-risk securities like money market funds or U.S. Treasury bills. This reduces potential problems for your heirs and the stress on the executor.

Family discussion5. Communicate Your Intentions While Alive

While you can keep the size of your estate a secret, share your general wishes and intentions with those who matter while you’re still alive. This transparency can strengthen your relationships and help prevent misunderstandings and conflicts after your death.

By taking these steps, you can significantly reduce the likelihood of disputes and ensure that your legacy is remembered positively. Planning thoughtfully and communicating clearly with your loved ones are acts of care that will be appreciated long after you’re gone.

 

Ian Goldey, the author of this article, brings over three decades of experience as a private wealth manager, assisting families with their financial planning. He has applied this extensive knowledge, along with his partners to create WhenIDie.com, a digital platform that simplifies the entire process of death planning and more. Try it free for 30- days. Apply this code 2024BLG15 for a 15% discount!

 

Legal Disclaimer

The information provided in this blog is for general informational purposes only and is not intended to be tax, legal, or financial advice. Readers should not act upon this information without seeking professional counsel tailored to their individual circumstances. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties regarding its completeness, accuracy, or current applicability. The use of this blog does not create an attorney-client or accountant-client relationship. For personalized advice, please consult a licensed attorney, tax advisor, or financial professional.

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