What’s the biggest threat to your legacy? Hint: it might not be taxes

Sep 13

When people think of estate planning, the immediate three big concerns are avoiding probate, minimizing estate taxes, and protecting your children’s inheritance.

But for many clients, the primary concern is more broadly about avoiding family conflict that so often occurs after the death of a loved one.

It seems insane to think that money can destroy family relationships that have been built over a lifetime, but money does strange things to people.

Whether it’s a sibling rivalry gone too far, a second marriage blending the families, or simply having the wrong person in charge of the estate - many seemingly minor factors can quickly derail an estate.

And it’s not just a concern for the rich. Often time it’s the clients with the least that are most concerned about making sure everyone is taken care of.

For example, if the most valuable asset in your estate is your home, then being clear on how the property is to be managed and/or sold becomes paramount. In fact, I’d argue that real estate is the most common sticking point for family disputes (although it could also be something as simple as who gets their mother’s wedding ring).

If you don’t want to leave it to chance, a properly drafted estate plan can mitigate the risk of your family imploding after the death of a loved one.

Fortunately, you can regain peace of mind by just making sure you have the right documents in place.