How Will Your Assets Be Divided After You Pass Away Essay
Are you concerned that your estate plan will cause disagreements between your children after you pass away? Here are three things that can instigate sibling feuds and solutions to help you prevent them from happening..
Who Will Make Healthcare and Financial Decisions If You Are Unable to Do So?
When a parent becomes ill it can cause a lot of stress for their children, particularly if hospitalization is required for a long period of time. This situation can become even more challenging if the parent’s health is in serious decline and they become unable to make healthcare or financial decisions on their own. A parent who does not have a Power of Attorney or Healthcare Directive forces their loved ones to make decisions for them which can cause conflict between siblings if they cannot come to …show more content…
Your Power of Attorney lets you delegate someone to administer your finances if you become unable to do so. Your Healthcare Directive allows you to specify your wishes for medical treatment and care ahead of time and appoints someone to communicate on your behalf if you are not able to provide consent.
2. How Will Your Assets Be Divided After You Pass Away?
Family feuds can easily occur if both parents pass away and don’t leave behind a Last Will and Testament. Without a will, the allocation of heirlooms and family possessions can easily cause disagreements between siblings if they are unable to agree on who gets what. Without their parents to make decisions about the division of assets, siblings often become resentful and their relationships can suffer.
Parents need to create a Last Will and Testament to identify how their possessions are to be divided amongst their children. Your Last Will and Testament decreases the likelihood of your children fighting over material possessions and ensures that your loved ones are taken care of.
3. How Will You Explain Your
Who Will Make Healthcare and Financial Decisions If You Are Unable to Do So?
When a parent becomes ill it can cause a lot of stress for their children, particularly if hospitalization is required for a long period of time. This situation can become even more challenging if the parent’s health is in serious decline and they become unable to make healthcare or financial decisions on their own. A parent who does not have a Power of Attorney or Healthcare Directive forces their loved ones to make decisions for them which can cause conflict between siblings if they cannot come to …show more content…
Your Power of Attorney lets you delegate someone to administer your finances if you become unable to do so. Your Healthcare Directive allows you to specify your wishes for medical treatment and care ahead of time and appoints someone to communicate on your behalf if you are not able to provide consent.
2. How Will Your Assets Be Divided After You Pass Away?
Family feuds can easily occur if both parents pass away and don’t leave behind a Last Will and Testament. Without a will, the allocation of heirlooms and family possessions can easily cause disagreements between siblings if they are unable to agree on who gets what. Without their parents to make decisions about the division of assets, siblings often become resentful and their relationships can suffer.
Parents need to create a Last Will and Testament to identify how their possessions are to be divided amongst their children. Your Last Will and Testament decreases the likelihood of your children fighting over material possessions and ensures that your loved ones are taken care of.
3. How Will You Explain Your