There are many families in the Salem area who have taken the time to create an estate plan. For those who haven’t, they may know the reasons why an estate plan is a good idea but haven’t had the time yet. To add to the list of reasons why an estate plan is important is the fact that it can cut down on sibling discord.
Parents know that sometimes their children do not always get along. Since they were young, children have the ability to get on each other’s nerves, argue, and squabble over even the most menial of topics. As they get older children may not argue as much but there is still potential for them to not agree with everything. When a major event occurs, such as a parent becoming incapacitated or passing away, sibling battling can occur. The incapacitation or death of a parent is an emotional event, one that can get even worse if there is uncertainty about a parent’s finances and wishes.
Parents who have created an estate plan can leave their children with a gift of them knowing exactly what they wanted. Experts believe that in most cases, parents should divide their assets equally among their children unless there are real reasons why that shouldn’t happen. An exception to this would be if one child is physically or mentally disabled. Ideally, one child would be in charge of their parent’s estate and communicate with the rest of their siblings. The role of executor may not be the oldest child, it should be the best person who can do the job. It can also be a good idea for parents to sit down with their children and review their estate plan so that everyone is on the same page before it’s too late.
A legal professional who is skilled in estate planning can meet their client where they are with their estate planning needs. Whether it’s creating an estate plan from scratch or updating an existing plan, an attorney understands how important these documents are and will make sure they are accurate and up-to-date.