Want to find out how much yourfamily members really love each other? Just wait until a will is read.While family squabbles over wills and trusts are legendary, you canprevent them with careful estate planning.
To stop estate squabbles in the first place, don't write awillguaranteed to cause tension, says Glenn Kautt, CFP and president of TheMonitor Group, a financial and estate planning firm inFairfax, Va. "When we see a potential problem, we ask our clients ifthey're aware that the plan will probably cause squabbles and suggestways to reduce potential tensions."
Suppose you designate your older, more responsible adult childtomanage estate distributions for a younger adult sibling. "That's almostguaranteed to cause resentment," Kautt says.
Remarriages can also cause problems. Suppose an older fathermarries amuch younger woman. If he wants her to receive all estate income untilshe dies, his children could wait until their 60s for their inheritance.
On the other hand, giving too much money to young adultbenefactors canprove tragic. Financial planners suggest that you distribute portionsof your estate every few years until the benefactors are more mature.
If you have children who are minors, you may want to designatealoving, caring guardian for the children, then select a separate personin a different home to manage the money. "Not only does it preventfiscal abuse," Kautt explains, "but it also ensures that two people areconsidering the child's needs."
