Most people want to make sure that they leave their loved ones with not only fond memories but perhaps something that may benefit them financially. When Arkansas residents sit down to think about estate planning, they may also be thinking about how they can keep everyone happy and keep peace in the family. Deciding on who gets what can be stressful, especially when adult children are involved.
If children aren’t happy with what is in their parents’ wills, it could cause tension between siblings and that is the last thing any parent wishes. One of the most important things parents can do when it comes to writing their estate plans is to talk to their kids about it. It may be a difficult subject to broach at first, but most parents will be glad they did since it might simplify the estate planning process for them and give their children the chance to weigh in with their wishes and opinions.
Setting up a trust may be the right move for a person’s circumstances. But it might not be the best move to name a child as a trustee since it could create tension among other children. A corporate trustee or an attorney may be better suited for this task. Parents might even want to consider setting up separate trusts for each child.
An Arkansas attorney experienced in estate planning can help a client to write an estate plan for his or her specific needs. Not only do lawyers know the laws that govern these documents, but they offer advice and support to help a client come up with a well-rounded plan. It’s better to be prepared when children are in the picture since a complete plan may ensure siblings continue to get along when their parents are no longer here.