Will power: How to ensure your estate plan benefits your heirs, not the tax man GlobeMoney
One key, and oft-overlooked, consideration when drafting a will, particularly when the estate is sizable, is differentiating between fairness and equity in the division of assets, he says. This is where conflicts tend to arise between children, leading to costly and stressful litigation.Having a conversation about your plan will demonstrate that you've given thought to your own financial well-being.
It can also prevent confusion – and even legal battles – after you're gone. Setting up your heirs to live in harmony with each other and with the decisions you've made often depends on having a discussion while you're still alive.Disinheriting a child – or any dependant – can have significant repercussions that can cost your heirs big legal fees and hurt relationships. Your wishes might ultimately be disregarded.
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