Grandparents are influential family members. They can set the tone for a loving and respectful household. Emphasizing the importance of family can also help ensure that a grandparent’s wishes are honored after their passing.
To lessen the risk of estate-related disputes, fostering a sense of family unity and cohesion is essential. One way that older adults might achieve this goal is by making careful estate planning decisions.
Considerations to keep in mind
After the head of a family dies, such as a grandparent, can put other family members in disarray. Following a grandparent’s death, taking steps to avoid estate disputes involving grandchildren may help keep the family together.
Here are some crucial considerations that might help older adults avoid such disagreements:
- Open and transparent communication: Encouraging open communication with family members, including grandchildren, can help prevent future conflicts. Clearly stating intentions and decisions about the estate helps everyone be on the same page and set realistic expectations. Part of this is addressing family members’ concerns and questions.
- Clarity: Everyone should understand how the assets will be distributed. Clearly identifying beneficiaries and their respective shares through explicit instructions can help to dispel doubts and reduce the risk of conflicts.
- Regular updates and reviews: Regularly reviewing and updating an estate plan helps ensure that it reflects any changes in family dynamics or financial situations. Keeping a plan current minimizes the chances of misunderstandings that lead to disputes.
With the help of an experienced attorney, grandparents may ensure that their estate plan is comprehensive and legally sound. When drafting the estate plan, they can consider the grandchildren’s needs, age, financial reliance and specific circumstances. By taking these steps, grandparents can mitigate future sources of dispute.
