Parents of more than one child often understand sibling rivalry well. Despite their best efforts to lessen the competition between the children, many siblings continue to squabble well into their adult years. As a result, many Arkansas parents keep this in mind when estate planning.
Many people use trusts as part of their estate plans because it gives them the ability to add specific details about how the property should be distributed and who is in charge of managing the trust. Of course, many parents choose an adult child to act as the trustee, but if they have more than one child, there is a chance that they will argue about why one was put in charge and not the other. Even naming siblings as co-trustees may not work out well because they would have to agree before any action with the trust could be taken, and if they continually argue, serious delays could occur.
When there is a significant chance of sibling rivalry making the administration of a trust more difficult, it is often wise for individuals to consider appointing outside parties to the role of trustee. There are organizations that act as professional trustees, and utilizing this type of help may prevent siblings from fighting about who is in charge. However, using a professional service could be more expensive.
Though parents love their children, they may not love the difficulties that can come along with trying to make everyone happy. Fortunately, trusts can help the estate planning process go more smoothly by allowing Arkansas parents to have a bit more control over their remaining assets. Parties interested in gaining more information on how to use this tool to hopefully prevent sibling rivalry may want to speak with attorneys experienced in this area of law.