You know that it can cause a lot of problems for your family if you pass away without a will. Your children are adults themselves, so you don’t need to worry about those points of your estate plan, but you know that a will is the easiest way to pass your assets on to the next generation.
Some people do this in a very non-specific manner, thinking that they’re doing their heirs a favor. They want to give the heirs more control and allow them to decide what they believe is best. For instance, someone might write a will saying that the heirs should take all of the financial assets that they own and divide them up fairly.
This sounds good, in theory, because you’re giving your heirs more of a say. You think they’re going to be happy with the outcome, but it can also create a lot of problems. It may be better to have your will be much more specific.
What if your heirs can’t agree?
The issue with avoiding specifics is that your heirs have to come up with these arrangements on their own. If your will says exactly how much money is supposed to go to each person, then they all know what you wanted, even if they don’t agree with it. But, if your will just tells them to divide things fairly, then they have to have a discussion about what they feel is fair. This can lead to some serious disputes, and that, in turn, can lead to resentment between your children.
The best thing to do to avoid these types of disputes is simply to look into all of your estate planning options early and to know what steps you can take to create the right plan for your family.