You have decisions to make when you are devising your inheritance plan. There are many different considerations that you should keep in mind when you are choosing asset transfer vehicles, and this is a technical part of the equation. In addition to this aspect, there is also the matter of the inheritances that you will (or will not) be leaving to each respective person in your family.
It can be easy to make inheritance planning decisions that will be up unpopular with some people, because you will not be around to hear the feedback. You may harbor hard feelings and decide that disinheritance is a way to send a final message.
If you do disinherit someone in your family, you would not be the first person to go this route. Without question, you have the right to do anything that you want to do with your resources, but you may want to give the matter a great deal of thought before you make any harsh final decisions.
There are some things that can go very wrong if you leave behind close family members who are very upset with your estate planning decisions. For one thing, the estate can be challenged. If you use a will, a disgruntled person could contend that you signed the will when you were incompetent mentally. The individual could contend that you were coerced are intimidated, or argue that the will was fraudulently executed.
A will can be challenged during the probate process, but even a living trust can be challenged through the initiation of a lawsuit. Even if the challenge is not upheld by the court, a great deal of time and money can be spent during the process.
Whether there is a challenge or not, if a family member or members feel as though they were treated unfairly, there can be ongoing unrest among your loved ones after you are gone. This can be quite disconcerting, because you probably want your family members to get along as well as possible.
In many cases, if you bite the bullet and do what it takes to make sure that no one is extraordinarily upset after your passing, you may be doing the entire family a service in the long run.
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Regardless of how you ultimately decide to distribute your resources, you should act in a fully informed manner. Each family is different, and your estate plan should be custom crafted to suit your unique needs.
If you are ready to get started, our firm would be glad to discuss your estate planning objectives with you in detail. We offer no obligation consultations, and you can send us a message through this page to set up an appointment: Grand Forks ND Estate Planning Attorneys.
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