As Georgia parents make plans about the distribution of their assets after they are gone, worries about money-related fights among their offspring could arise. After one’s death, there is little that can be done to head off such issues, and even good intentions can leave an estate vulnerable to legal action if one or more children believe that they have been slighted. The best time to head off such trouble is during the owner’s life, which may require knowledgeable insight from an estate planning professional.
In some cases, one or more of a couple’s children may deal with financial difficulties that can be eased with parental assistance. The best time to assist in such unique situations is during one’s life. A disparity in a will or trust could lead to legal action by another child. If parents wants to manage how funds are distributed after their death, the type or types of trusts established could facilitate such matters. A pot trust can leave room for potential conflicts as a trustee may have the right to distribute funds based on needs, which can appear to be biased. By establishing separate trusts for each child, the issue of competition for funds can be minimized.
Properties can also create difficulties, especially if there is a great deal of sentiment attached. Establishing a company to oversee maintenance and scheduling for a vacation home can take that burden out of the children’s hands. However, selling such a property could also serve one’s needs in handling the asset without creating resentment.
Not all potential disputes over one’s estate can be predicted. However, an estate planning lawyer may be able to identify significant risks while assisting in setting goals for handling a client’s assets after death.