An estate plan can be a document that will greatly reduce the stress that your survivors feel following your passing. However, many people will fail to implement an estate plan before they pass or they may make errors with this plan, and these situations may make it more difficult to pass your assets to your beneficiaries.
Ensure The Estate Plan Is Comprehensive
For your estate plan to be as effective as possible, it will need to be comprehensive. If there are important assets, debts, or money that you leave out of this plan, it could lead to a higher risk of conflict arising among your survivors. Additionally, it could lead to these assets needing to go through the probate court system, which can significantly delay them being received by your heir.
Consider Whether You Have Heirs That Are Underage
In some instances, there may be individuals in your estate plan that are too young to legally receive the assets that you want to leave to them. In these situations, you can establish a trust that will be able to manage these assets until the child is old enough to be able to receive them. When choosing a manager for the trust, you should prefer a neutral third-party service. This can reduce the risk of the assets being mismanaged as well as reduce the stress of anyone managing the trust.
Discuss The Estate Plan With Your Survivors Ahead Of Time
In the immediate aftermath of your passing, there may be a substantial amount of confusion and uncertainty among your survivors. In addition to the emotional shock that they may have to overcome, there can also be substantial uncertainty over the financial and inheritance aspects to address. By discussing your estate plan with your heirs ahead of time, you can help to reduce much of this uncertainty. They will have a basic understanding of the plan and what they should expect. Furthermore, they will be hearing directly from you as to your wishes. This can help to provide closure while also minimizing the potential for disagreements over the distribution of the assets.
Preparing an estate plan can help to make your passing easier for your survivors to manage. For a person that is wanting to minimize these risks, there are some basic estate planning strategies that can be used to ensure this experience goes smoothly. Making the estate plan as comprehensive as possible, establishing a trust for underage heirs, and discussing the estate plan with your family ahead of time are basic steps that can help anyone to prepare for their eventual passing.
Talk to a professional to get help with estate planning.