Top 3 Ways to Keep the Family Property "IN" the Family

When you sit down to prepare your will, what will be on your mind? In the past 20 years, there has been a continuous increase in contested estates. We have all seen or heard stories where brothers and sisters are wrestling to control the assets of their deceased parents. Perhaps, we are generally a more litigious society, nevertheless there has been an increase in the volume of wealth transfers, i.e. there is more to fight over.

Your number one goal will likely be to keep your family intact, avoid damaging the relationships between your children. Here are some steps to minimize the chance that your will might trigger a family legal dispute:

1.       Pick the right executor and trustees. Anticipate family friction and make sure you don’t appoint to key positions relatives who can’t get along.

2.       Talk about your will today. As difficult as it may be, try to sit down with family members before your will is drafted. Inform them of your intentions. 

3.       Make your intentions known early and often. It is best to confirm your estate plan over time with your family. Continually acknowledge the validity of your will. It is more difficult to invalidate multiple wills than to invalidate one will. If a person leaves three wills over several years, and those will are consistent, the more difficult it becomes to contest.