There are a lot of reasons to create a good estate plan, from making sure your end-of-life wishes are followed to giving certain assets to those you feel deserve them most. One other crucial aspect to ensure your estate plan is airtight is to prevent future fights between your beneficiaries once you pass.
You do not want your will to stir up arguments, controversy or cause long-lasting rifts. Will contests can last for years and have huge implications on family relationships. So how can you work now to avoid this in the future? Consider the following tips to achieve your goal of reducing family conflict about your will.
1. Do not procrastinate your estate plan
You should plan your estate while you are still of sound body and mind. One common reason wills are challenged is a beneficiary claims the decedent lacked the mental capacity to make decisions about his or her estate. Avoid future conflict by creating or updating your estate plan while it is obvious you are able to make your own decisions and understand the consequences.
2. Use a no-contest provision in your will
According to Forbes, one way to prevent a will contest is including a no-contest clause in your will. This provision states that anyone who challenges the will and loses the lawsuit will not receive any inheritance. Most people will not want to risk their inheritance.
3. Update your estate plan frequently
Once you create an estate plan, do not let it collect dust in a drawer. Make sure you review it every now and then to determine if you want to make any changes. Sometimes, you may want to make a little tweak, other times you may want to completely re-write something. If your loved ones know you regularly reviewed your plan with the help of an attorney, they will be more confident you made the right choices.