Your last will and testament ensures your heirs receive assets according to your wishes. However, some heirs may experience dissatisfaction with the outcome of your estate planning. This can lead to a contested will.
Contested wills can add unnecessary stress and strain to an already difficult situation. Accordingly, estate planners should explore ways to prevent this often expensive and time-consuming process.
Clear communication
One of the primary reasons for contested wills is ambiguity or misunderstanding regarding a person’s intentions. To mitigate this risk, communicate openly with your family members about your wishes. Discuss your decisions regarding asset distribution, beneficiaries and any specific bequests you want to make.
Update your will regularly
Life circumstances change, and so should your will. By reviewing and updating your will regularly, you can ensure that it remains reflective of your current wishes and reduces the likelihood of disputes among your heirs. Births, deaths, marriages, divorces and changes in financial status are all events that may necessitate updates.
Choose an executor wisely
The executor of your will plays an important role in the administration of your estate. As a result, you must select someone trustworthy, responsible and capable of carrying out your wishes impartially. Also, discuss your choice with the potential executor beforehand to ensure they are willing to take on the role.
Contested wills can strain family relationships and delay the distribution of assets. By taking the right steps during the estate planning process, you can greatly reduce the likelihood of conflict. Remember that reduced conflict is best for your loved ones during a trying time.