Most people in Tennessee who begin the estate planning process do so with the best of intentions. For most, the goal is to make a plan that makes things easy for the heirs and beneficiaries, while at the same time preparing for any worst-case scenarios that might occur in life. However, even the best intentions sometimes aren’t enough to avoid making an estate plan overcomplicated.
As a recent news article mentioned, sometimes estate plans can do more harm than good—if the plans aren’t the right fit for your family and financial situations. Take, for example, a relatively simple concept: setting up a trust. The recent news article pointed out that some planners can overcomplicate a simple situation by, for instance, naming one sibling the trustee and the other a beneficiary. Right there, you may be putting family dynamics on thin ice.
Or, what if you have the idea of putting certain restrictions or requirements on the trust you create—certain milestones that must be reached before a beneficiary can have access to funds, for example? Just how overcomplicated can things get if you attempt to control your assets from “beyond the grave,” as the saying goes?
What is right for you?
Protecting your legacy and trying to do what is best for your family members is a laudable goal in estate planning. But, are you on the right path to accomplish these goals? If you make things overcomplicated when it comes to estate plans, there is a chance that probate litigation becomes more likely to occur. Make sure you have a plan in place that is right for you—and for your heirs and beneficiaries.