Estate planning is a process every Ohio adult should consider. You may have put it off for some time, but now that your children are grown and you are getting older, you think that the time has come to organize and legalize your end-of-life wishes. Getting started is often the most difficult part, so you should feel proud of yourself for choosing to move forward with planning.
Though you love your children a great deal and are proud of the adults they have become, you may still worry that they will fight over your estate. Creating a plan in and of itself can help reduce the chances of conflict, but you may want to consider including specific details in your will and other documents.
Property division
The division of remaining assets is often what causes the most contention among siblings after a parent’s passing. In an effort to reduce conflict, you may want to try to distribute your assets as equally as possible among your children. An equal allotment may give them less reason to fight as they will all receive close to the same amount of inheritance.
You may also want to specifically name individuals to receive any family jewels or other sentimental items your family may have. Some children may think that they will receive a certain item and feel shocked when it goes to someone else. Therefore, you may want to ask your children whether they have any specific attachment to certain items.
Family discussion
While asking your children about certain items may help, you may want to remember that estate planning involves your personal decisions and is not dictated by your kids. One child may feel entitled to every piece of jewelry, but giving it all to him or her may not be fair to your other children.
Instead, you may want to discuss your wishes with your kids and explain to them why you have made certain decisions. They may not agree with your choices, but hearing them straight from you may give them more reason to abide by your wishes.
Creating your plans
Even if you discuss your plans with your family, you still need to get your wishes down in a legally-binding way. Enlisting the assistance and counsel of an estate planning attorney can help you to understand the different documents you can use to make your wishes known.
