Minimizing Family Conflict With a Living Trust Estate Plan

PHOENIX - April 30, 2024 - PRLog -- In estate planning, ensuring a smooth transfer of assets and properties to loved ones is crucial because the process can sometimes lead to disagreements among family, particularly children, if not handled carefully. Kent Phelps, Attorney, CEO, and Trajan Estate Co-Founder, discusses how establishing a living trust in your estate plan can help minimize family conflict after your passing.

The Importance Of Clarity. Imagine a parent passing away without a clear estate plan. The parent had verbally promised certain assets to one child, while another child believed they were entitled to a different portion of the estate. Without clear instructions or legal documentation, this situation can lead to confusion, hurt feelings, and family discord.

A living trust can outline asset distribution wishes in a detailed, legally binding manner without going to court.

Ensuring Fairness And Equal Treatment. Imagine one child has been more actively involved in caring for aging parents than their siblings. Without a clear estate plan, the caregiver may assume they're entitled to a larger inheritance share as compensation. Meanwhile, the other siblings might feel resentful or unjustly treated if they perceive the division of assets as unequal.

A living trust can address these concerns and ensure fairness in asset distribution privately, outside of the court system. You can specify how you want your assets divided among your children based on financial needs or contributions to your care, which can help prevent conflicts stemming from perceived inequities.

Protecting Family Relationships. Family dynamics can become strained when financial interests come into play after a loved one's passing. Suppose a parent leaves a valuable family heirloom to one child without instructions, which causes resentment among siblings, straining relationships and tarnishing precious memories of the deceased.

A living trust streamlines the asset transfer process with detailed instructions on how your properties should be handled and distributed, which helps avoid disputes and makes estate administration and asset transition more effective.

Read the full article.

About Trajan Wealth
Trajan Wealth, LLC was founded in 2012 by CEO Jeff Junior. Before 20+ years in financial services, Jeff served in the United States Marine Corps. He serves his clients and employees with the utmost service, respect, and attention to detail.

By using low-cost, diversified portfolios under its fiduciary standard and working closely with its investment advisors and estate attorneys within one office, the company provides long-term support for client's retirement needs and estate plans, including wealth accumulation and tax planning strategies. The firm has multiple locations in Arizona, Colorado, Florida, Georgia, Texas, and Utah.

Schedule a complimentary consultation or call 1-800-838-3079.

Disclaimer:
*Advisory services offered through Trajan® Wealth L.L.C., an SEC registered investment advisor. Legal services are offered through ​Trajan® Estate, L.L.C. ​in Arizona and Utah, and independent law firms in other states.