By: Ryan C. Young
Although many people would like to avoid the subject of death, it is something that you need not ignore. Otherwise, upon your death, chaos can erupt and your family members’ relationships can be negatively impacted, forever.
We all know that death is a highly charged emotional situation. These emotions can cause our loved ones to act irrationally. Even the smallest dispute can spiral out of control because of these supercharged emotions. Although you cannot prevent these supercharged emotions, you can help lessen the chance of a dispute with proper estate planning.
The majority of estate planning today is about planning for your loved ones. Some families are more complicated than others. You need an attorney who will consider your family’s structure and relationships to help you create your estate plan.
You need an attorney who will consider if:
• There is someone you do not trust.
• You have been remarried.
• You have step-children.
• You have children outside of your marriage.
• Your child’s spouse causes you to be concerned.
All of these things need to be considered. Your estate plan is about much more than just tax planning. You need to make sure that your wishes are honored. There have been numerous times that my clients have said to me, “I never thought about that.” You need to plan for the worst case scenario. That is what I am here to help you do.
How to Help Achieve Family Harmony
A family dispute involving real estate and property that belonged to their dearly departed loved one is disastrous. If a solution is not reached quickly, these relationships may never recover. Without a proper estate plan, your family’s disputes over your property may continue escalating.
At some point, a qualified mediator may need to be hired to help ease the tension within your family. Mediators are used to help your family find middle ground. Proper estate planning can eliminate these disagreements altogether, allowing your loved ones to grieve together, supporting one another.
Avoid Family Disputes
If you want to ensure that your relatives do not engage in what is termed ‘inheritance wars’ upon your death, protecting inheritance property with an estate plan is essential. I am an experienced estate planning attorney and can help you choose the method that best suits your needs.
The approach taken concerning your estate plan will depend on several factors, including:
• Your marital status.
• If you have children.
• The types of assets you have.
• The value of your assets.
I will explain:
• Which planning methods will reduce estate and inheritance taxes.
• How to record an inheritance property in your last will and testament.
• If your assets should be placed into a trust.
The proper estate planning strategies can lessen the possibility of your family having disputes, concerning your real estate and property, following your death.
Sadly, I have witnessed family feuds over real estate and property tear families apart. Yes, death is an uncomfortable subject to think about and plan for. However, without the proper estate planning, you could leave behind more than just your real estate and property; you may leave behind a family full of chaos.
Law Office of Ryan C. Young, PLLC | Estate Planning | Richmond, Virginia
