If you’re creating an estate plan in Arkansas, you may be concerned about conflicts arising after you’re gone. Unfortunately, many families struggle with the final decisions of the deceased when it comes to assets and properties, and this can lead to a contested estate plan and the formation of lifelong rifts between your loved ones. While you can’t always prevent conflicts from occurring, Kiplinger offers the following advice so you might decrease the risk.
Communicate with your family
Some conflicts arise due to poor communication. That’s why it’s important to discuss the matter with your family now so you can potentially mitigate any future conflict. Start by asking your heirs if they want any items in particular so they can work out issue among themselves. Also, try to provide an estimate of inheritance amounts so there are no surprises.
Have a plan for items of value
Divvying up high-value items, like property, is bound to raise the ire of heirs who believe they didn’t receive their fair share. When leaving a home to more than one heir, put plans in place to alleviate some of the potential issues that may arise. For instance, you can designate the home as a limited liability company and use the operating agreement to establish rules. When leaving a business, make sure you have a solid reason why you’re leaving it to one heir in particular. For instance, if you can make a case for the heir being more business savvy, it may go over better.
Don’t name a child as the executor
The executor will be responsible for carrying out the terms of your will. When you designate one of your adult children for these duties, you run the risk of having the other children become envious. They may also believe that the executor had some say in the estate planning process, even if that wasn’t the case. Instead, consider choosing a trusted friend or relative for the job. You can also select a financial institution, like a bank.