How to Avoid Estate Litigation
Disclaimer: This article on estate litigation is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.
The death of a loved one is hard enough, but for those embroiled in estate litigation, the process can be protracted, expensive, and emotionally draining.
It stands to reason that when considering what happens when you pass away, you will want to avoid the possibility of your loved ones going to court to settle any disputes. The good news is that there are things that you can do to lessen the likelihood of that happening.
This article will consider five things that you can do today to help your beneficiaries avoid estate litigation. Of course, there is always the risk of estate litigation, but creating a plan with the right group of professionals can go a long way towards estate peace.
The True Cost of Estate Litigation
Estate litigation can quickly become costly in terms of time and money.
However, the cost of estate litigation can be much more. In many cases, the death of a loved one and subsequent estate litigation has resulted in irreparable damage to the relationships between beneficiaries.
Avoiding Estate Litigation
What are some things you can do to help your estate avoid litigation? Let’s take a look at five key tips.
1. Have an estate plan
The first and most important thing you can do to help your beneficiaries avoid estate litigation is to have a well-drafted estate plan. Your estate plan should be tailored to your unique circumstances and take into account your goals for your estate. You should work with an experienced estate lawyer to create an estate plan that considers your unique circumstances.
Many think their net worth is too small to warrant an estate plan. Do not fall into this trap! Even a small estate can become the subject of a large argument – something that you certainly want to avoid.
Also, estate planning is not just about distributing your assets after you die. An estate plan can also help you manage your affairs if you become incapacitated. An estate plan can give peace of mind to both you and your beneficiaries.
2. Review your plan regularly
Your life will change. Maybe you will have children, buy a new home or cottage, or change jobs. As your life changes, so should your estate plan. Review your estate plan regularly with your estate lawyer to ensure that it still meets your goals and objectives.
3. Communicate with your beneficiaries
Your estate plan should be designed to meet your goals and objectives. However, it is also important to communicate your estate plan to your beneficiaries. Let them know what you have done and why you have made the decisions that you have. This will help to avoid estate litigation down the road.
4. Choose your executor(s) wisely
Your executor(s) will be responsible for carrying out your estate plan. Therefore, choose someone you trust implicitly and who can handle the responsibilities of being an executor.
If you choose to have co-executors, consider their relationship. If they currently do not get along, they will likely not work well together when facing the weighty responsibility of caring for your estate.
5. Work with a team of professionals
Estate planning is not something that you should do on your own. In fact, you should work with a team of professionals, including an estate lawyer, financial advisor, and accountant. This team of professionals can help you create a comprehensive estate plan that meets your goals and objectives.
An estate lawyer can help see potential difficulties that may arise and help you to avoid them. There may be provisions that you had never even considered but will protect your beneficiaries and estate. This is especially true if your estate lawyer has a practice that includes both the transactional and litigation aspects of estate law.
Working with a team of professionals will help to give you peace of mind knowing that your estate is in good
Proactive Estate Planning With Beeksma Law
Too often, estate litigation is the result of confusion and a lack of communication. By having a well-drafted estate plan, communicating with your beneficiaries, and choosing your executor wisely, you can help to avoid estate litigation.
However, estate litigation can still arise. If it does, working with a team of professionals can help to resolve the matter quickly and efficiently.
At Beeksma Law, we have a comprehensive estate practice that focuses on building strong estate plans and dealing with any estate litigation matters. This is important – our estate litigation background informs how we approach your estate plan. We have seen how disagreements can arise and use that practical knowledge to help you avoid estate litigation.
At Beeksma Law, we work closely with our clients to ensure that their estate plan meets their goals and objectives. We also regularly review estate plans to ensure that they are still up-to-date and meet our client’s needs.
The best gift you can give your family is a well-drafted estate plan. To start on your estate planning, reach out to our friendly and knowledgeable team today. We would be happy to help you achieve peace of mind.