When it comes to anything with a monetary value, people can become quite irate. Arkansas residents who are thinking about estate planning ought to know that their family members could stir the pot when it comes to what they will or won’t receive in terms of being named beneficiaries of a will. Sometimes the death of loved one brings out the claws in many relatives, and it’s best to know this when drafting estate plan documents.
Gone are the days when a family meant a man and a woman marrying for life and having a couple of kids who also grow up and marry. Today, a family can mean any unit of people who care about each other. There are blended families, former spouses and younger spouses. It’s often a mixed bag of characters, which could ultimately create a problem in an estate plan.
It is up to the grantor to divide his or her assets as he or she sees fit. The best way to avoid possible conflict is to have a discussion with loved ones prior to drafting any legal documents like a will. If there are no surprises, there will be no hurt feelings. Let them know how they will be receiving any assets. For instance, will it be on one lump sum or through a trust?
An Arkansas estate planning attorney can help a client to understand the dynamics of an estate plan so that he or she can have that talk with loved ones. If family members know the rationale for various estate planning decisions, there is likely to be less, if any, squabbles. Making decisions about an estate plan may be easier when one has some grasp of the laws that govern the process.