Estate planning and the fear of playing favorites

On Behalf of | May 11, 2020 | Probate And Estate Administration

When choosing someone to act on their behalf should the unthinkable take place, many individuals in Nevada and elsewhere may feel it best to pick someone from their immediate family. In some cases, individuals might choose to assign such responsibilities to their kids, but those who have multiple children may worry that their decisions could create conflict among their loved ones. Finding a way to protect one’s interests while attempting to treat all parties involved equally can be a challenging endeavor and sometimes it might not be necessary, or even preferable.

Experts indicate that it might not be uncommon for individuals with multiple children to have trouble choosing someone to manage an estate or act as financial or medical power of attorney. In many cases, this may lead a person to give equal responsibility to each of the kids. While this may seem like a fair approach to a difficult scenario, it could still end up creating conflict between the kids, especially if they disagree on how to handle the scenarios that arise.

Experts suggest that it may be beneficial to pick the person that is best suited to carry out one’s wishes and that this person does not necessarily have to be an immediately family member. A person could consider choosing another family member or even a close friend to act on his or her behalf. One also has the option of seeking assistance through other outlets should the fear of family favoritism create concerns.

Choosing someone to manage one’s affairs can be one of the most stressful parts of the estate planning process. Those who wish to better understand all their available options and how to make informed decisions could find it helpful to retain the services of an attorney for guidance. In doing so, a person in Nevada could gain much-needed insight into creating a plan centered on protecting his or her interests with less fear of creating conflict among loved ones.