You hope that your estate plan will distribute your assets as you see fit and without any issues. But estate plan contests occur all the time, threatening familial relationships and costing estates thousands of dollars in litigation fees. They also sometimes result in document invalidation, which can devastate the estate plan you worked hard to create.
That’s why you need to be proactive in reducing the risk of an estate challenge, even if you don’t anticipate any of your family members taking action against your estate. How do you do that?
Tips for reducing the risk of an estate plan challenge
There’s a lot you can do here to reduce the risk of an estate plan challenge. This includes the following:
- Talking to your family so that they have a clear understanding of your intentions and your motivations.
- Visiting your doctor to get an opinion on your mental health prior to completing your estate plan so that it’s clear that you have the requisite mental capacity to create a legally binding estate plan.
- Keeping a distance from your heirs and beneficiaries while you’re creating your estate plan so that you don’t give the appearance of undue influence.
- Using a no contest clause to dissuade your beneficiaries from taking action to try to invalidate a part of your estate plan.
- Regularly revisiting your plan so that all your assets are addressed and you can account for changed relationships and changes to your desired distribution scheme.
Work now to protect your estate and your loved ones
Proper estate planning requires attention to detail and a significant amount of foresight. That’s why you shouldn’t rush the estate planning process. Instead, carefully consider your estate planning options and what you can do to make your wishes reality.
