When people think about creating an estate plan they often think about how they will divide their property: the cars, the china, the art work, the furniture, the tools, the stocks and bonds. While all of that is important creating an estate plan can provide much more than trinkets and treasures for loved ones.
A detailed estate plan can provide peace in a family when emotions are running high. Sadly the loss of a parent can turn even the most loving siblings against each other if the siblings are not provided with some understanding of the division of assets. Not everyone is comfortable talking to children about estate planning decisions but the more siblings know about the motivation behind the decisions, the more likely they are to be at peace with the decisions and to not fight with one another over assets.
A thorough estate plan which spells out exactly how everything in an estate will be distributed can also prevent siblings from arguing over property and they can focus on supporting each other through a difficult time. Siblings should spend time sharing wonderful memories and celebrating the life of their parent rather than fighting over who gets the silver.
If you don’t have an estate plan, or if your estate plan is not thorough, think about giving your family a gift that will provide peace and harmony in your family when you are gone.