Maintaining relationships through estate planning

On Behalf of | Mar 25, 2016 | Estate Planning

After a Nevada parent dies, it is possible that adult children will quarrel among themselves over who gets what from an estate. However, these squabbles may be avoided with good communication from parents while they are still alive. Timely updates and regular conversations may prevent a child from feeling that he or she didn’t receive a fair share of the estate. While it may be easiest to split an estate equally among children, it may not always be possible.

This is because adult children may experience different circumstances in their lives and have different needs. In addition to determining how assets will be split, it is important to create financial and healthcare powers of attorney. If the children are old enough, it may be a good idea to discuss these with them and let them know how and where they may be accessed if needed.

Parents who have questions over how their estate plan may impact relationships with and between children may wish to talk to their attorney or other adviser. Regardless of what decisions are made based on that input and other variables, each child should be made aware of what he or she is getting and why. This may be especially helpful if changes to an estate plan leave a child or family member with a smaller distribution.

Creating or revising a will may need to be done with the supervision of an attorney. Legal counsel may ensure that the changes are made in accordance with state law to minimize the risk of expensive, lengthy and public challenges to the document in probate court after the testator dies.