When most people in Connecticut sit down to think about their estate planning options, they are probably thinking about one primary goal: how best to pass on their assets to their children. This may be relatively easy for those who have only one child, but estate planning can create conflicts for people who have two or more.
A recent news article noted that there is likely good reason for concern when it comes to making an estate plan that leaves the bulk of your assets split between more than one child. Indeed, the article noted that some who have experienced different treatment from their siblings when it comes to stated preferences in estate plans have felt shocked or stunned by what their parents’ estate plan revealed. Are estate planning decisions viewed, as the article posited, as a tangible expression of the parents’ love or affection for each sibling?
The emotional factors involved in estate planning are a big part of the decision-making process. Not only do you have to think of how your family members – children especially – will cope after your passing, but also how the overall family dynamics will be impacted by estate planning decisions you made.
Getting estate plans right
One of the best ways get the estate planning process right is to approach it from a comprehensive perspective. You may need to think not only in strict legal terms of trusts, power of attorney documents and wills as enforceable documents, but also in terms of the emotional impact on your named heirs and beneficiaries – and how they will perceive your estate planning decisions.