Monday, December 16, 2013
According to the Wall Street Journal, baby boomers are more likely to be concerned with their heirs inheriting personal keepsakes and family heirlooms instead of money. One of the major problems contributing to the distribution of these personal keepsakes lies with the failure of recording who gets what, which triggers family conflict. Andrea Coombes, from The Wall Street Journal suggests five steps that an individual should consider to avoid the family conflict.
- Discuss who gets what with the family and work out the kinks before death. Make your choice regarding who gets what and make it public.
- Create a comprehensive estate plan with a memorandum explaining specifics.
- Avoid playing favorites post mortem and consider showing that affection before death.
- Consider hiring a professional executor to keep things fair, and have someone who can serve if things get complicated legally.
- Share your life stories and values by using an ethical will.
See Andrea Coombes, How to Avoid Estate Fights Among Your Heirs, The Wall Street Journal, Dec. 15, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.