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How can I account for family dynamics when estate planning?

On Behalf of | Mar 18, 2020 | Probate

One of the most common reasons why estates end up stuck in probate in Missouri is due to family bickering. If someone in your family does not like a decision you made, he or she could easily start trouble and leave your heirs in limbo waiting for the court to figure things out. To avoid this, you need to account for your family dynamics when you create your estate plan.

Forbes explains that you need to watch out for issues so you can address them now before your estate ends up in probate. Sibling rivalry is a common issue where one sibling may feel the other got more or received an asset that he or she wanted. If your children have relationship issues, it can cause significant trouble. To counter this, make sure to discuss what you are doing in your estate plan. Make it clear who gets what and keep an eye out for push back so you can address that.

Another common problem is with second families. You need to account for children from a second marriage and stepchildren. If you do not specifically put them in your estate plan, they may not get anything. At the same time, you need to provide for your children from a first marriage who your new wife may leave out of things if the relationship is not a good one.

Finally, consider bad influences. A spouse may try to influence how your child spends his or her inheritance. If you want to protect your child and the estate, you may consider setting up a trust that will give you the chance to specify the use of the inheritance. This information is for education and is not legal advice.