In this video series we are working through the five reasons why you need to do your estate planning. This video covers the fourth reason – good estate planning can preserve family harmony.
A good estate plan can preserve family harmony and reduce the risk of fights or disputes among your loved ones. Without the right plan in place that directs who will be responsible for paying your final expenses, your taxes, and the other costs associated with your estate, then your beneficiaries could end up fighting each other over those things.
One of the benefits of putting a good estate plan together is that you are charting the course for how your assets will be handled, who will be in charge, and who gets what. In our video on Avoiding Unintended Results, we looked at those issues in greater detail. But in addition to knowing having control over those issues, you’re also reducing the risk that your loved ones will fight over them. By having the plan in place, with who is in charge of handling your assets and paying your final bills and taxes, and finally distributing your assets, and a detailed plan about HOW your assets are to be divided, your loved ones won’t have to fight over those issues.
About The Author: Richard Chamberlain
More posts by Richard Chamberlain