Unless you exercise care when creating your estate plan, there is a chance that the decisions you make during the process may create conflicts among your children after you die. By starting early and creating your estate plan while you are of sound mind, you may be able to help minimize any infighting among siblings that might otherwise occur once you are gone.
What are some of the things you may want to do to reduce the chances of inheritance battles arising among or between your children?
Leave your kids the same amount
Leaving one child more than the other or others is a surefire way to raise ire. If you have concerns about leaving one son or daughter assets because he or she has a drug problem or is financially irresponsible, among other possibilities, you may be able to leave that child assets on a conditional basis by creating a trust.
Give your kids a sense of what they might inherit
You may also be able to help your kids avoid inheritance conflicts by giving them an idea of what they might inherit while you are still living. This may help avoid having one or more children question how much they ultimately receive.
Have a reason for choosing your executor
If you decide to name a child an executor, try to have a sound reason for choosing that child instead of the other or others. If he or she lives nearby or has more time to devote to the process than your other kids, tell your other children why you decided to give one child the executor role.
The earlier you start working on your estate plan, the more time you have to finetune it and address this and other important issues.