Inheriting property might bring bitter relations within family members. Very few people handle everything smoothly, after parents leave back properties without proper distribution between family members. But after parents, there are various reasons which might develop difference in opinions and can raise long-dormant relationships issues and revive old jealousies and resentments within offsprings.
If members in the family know how you’re planning to leave your property well in advance, they may understand your choices. Even if they don’t, they will get some time to review your idea and air their concerns. They are likely to respect your choices, and not try to undermine them.
If, on the other hand, your estate plan takes everyone by surprise, there could be confusion, argument, and possibly court fights. Say, for example, an elderly man leaves the lion’s share of his estate to a charity which arrives on the scene suddenly.
Even more common is the hurt caused by an unequal division of assets among children. Most parents leave their property to their children more or less equally, but there can be many good reasons for a different plan—as perhaps one child might be less educated or financially weak or has problems handling money, or already received an “advance” on his inheritance in the form of a gift. As long as the children all understand the reasoning, they are likely to accept your decisions. After all, money is routed through a common relation and every child has got equal right on his parent’s property.
Providing trustee for your children in case you die prematurely is also a vital idea for consideration. You should also consider what will happen to any money or property your children inherit from you. Who will manage it for them until they became adults?
You can leave all these instructions, idea and plan in your will or living trust to avoid disputes in your family which no parents in the world would like to happen.