How to Avoid Family Tension with Estate Planning

Your estate plan is a great tool to plan how and when your family will benefit from your assets after your passing. It has another purpose, though, that is just as important—preventing family tension. 

When planning your estate, you can have confidence in knowing that your family is taken care of, even when you’re gone. But, while helping take care of your family financially is the goal, a well-planned estate can also help take care of them emotionally. Unfortunately, even the closest family can feel severe tension when talking through a loved one’s assets after their death. You can help ensure that your family’s grief is not compounded by financial arguments and tension. Here are a few things to consider as you build your estate plan

Discuss Your Intentions with Your Family 

Although discussions about your death, or even about finances, may make you or your family uncomfortable, they are extremely important for avoiding later tension. Be open and honest with your loved ones about how you will plan your estate. Allow a judgment-free conversation, offering your insight and explaining why you’ve made the choices you have. 

Conflict often arises when a member of the family is surprised by what they find in the plan. This surprise, compounded with grief, can create a hostile environment and break relationships.

Write a Letter Explaining Your Intentions

Perhaps you express yourself better in writing, or you want to reiterate your intentions in a formal letter. You can write a letter of intent to clearly lay out your plans and explain why you made certain decisions. This letter could help your family better understand your thought process and re-iterate your wishes. 

Consider Giving Away Assets in Life

If you are concerned about your family members fighting over certain pieces—jewelry, furniture, and other valuable or sentimental items—you might consider giving these to them while you are still living. By giving them as gifts for birthdays and holidays, you could potentially avoid tension and arguments over them when you’re gone. 

Appoint a Professional Mediator

When a loved one dies, emotions are running high, and people aren’t usually thinking very clearly. A professional mediator is trained to remain calm and objective, while helping to settle disputes by finding a resolution that satisfies everyone involved. If you foresee your family arguing, or even as a precautionary measure, you can hire a mediator who can help facilitate the more difficult discussions. 

Create a Continuity Plan for Your Business

Your family will likely have many different opinions about what “should” happen to your business once you are no longer in control. Take some time to write out a continuity plan that explains who will run your business, what will happen to the business’ assets, who will own the business, etc. Think through possible scenarios that you can get ahead of, ensuring that you can provide the direction needed upon your passing. 

Revisit Your Plan Periodically

Our lives often change dramatically from year to year. The estate plan and corresponding items that you created a few years ago may not reflect your life at present. Make a plan to revisit your estate plan every so often to ensure that it’s up to date—just in case the unexpected were to happen. 

Want to Work with an Estate Planning Professional?

A financial advisor can help lead you through the appropriate steps in your estate plan to help ensure that all your bases are covered and that nothing is left to chance. Plan with confidence, and contact SageSpring today to schedule a consultation!

 

Any opinions are those of the author and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk, and you may incur a profit or loss regardless of strategy selected.

 

Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

SHARE THIS ARTICLE
866.712.1657
alor1348 jeff
Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring 

Jeffrey T. Dobyns

President, SageSpring 

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.