All of the sub topics on the
Legal Stuff page and their complexities should have been dealt with by now.
In the reality of 'living' considerations, that will have been dealt with, you may have included Powers of Attorneys, Medical Directives, Trusts and Trustees, Guardianship and Executors and perhaps more.
Financial Advisers, Life Insurance and Taxation Specialists, Accountants, Clergy, close Friends and Family, Business Associates, Lawyers and possibily others may have been drawn into the picture. You may have even found a Specialist who has helped coordinate the expertise of these Professionals.
You may have prepared an
Ethical Will; perhaps you shared it as a gift while you were able to interact with the beneficiaries of those documents.
There are perhaps other issues that you may be wise to consider.
Gifting can be an issue that potentially plays into a number of areas of concern. Taxation: who gets taxed and when; whether it is best done before or after death; that beneficiaries rights be fully appreciated and recognized...
Rivalry and abuse are both subjects that need to be recognized. There may well be no need to be concerned about these issues, yet it would be inappropriate to overlook them
Rivalry can occur when a beneficiary or someone who might have anticipated being a beneficiary are at odds with one another. Choosing Co-Executors who never got along won't likely change that reality when they need to work cooperatively in the Executor capacity or Trustee capacities. Leaving an adult child out as an Executor when others have been selected can generate problems. Executors must be and seen to be fair and equitable in their positions. Competence can be an issue as well. It is necessary that the Executor/s know and understand the challenges of the task and know the extent of their capacity to do the job and do it well.
Abuse can be a consideration that may or may not be related to rivalry. A short story might help explain, at least one, situation.
Let's consider Irma G. Irma is in her late 70's and is the beneficiary, along with her children, of her husband John's estate.Irma is mentally capable but in frail health. She was never the 'money' person in the family and John knew that he had to protect her interests if she survived him. Her 4 adult children are Co-Executors of John's Estate. The legalities are pretty straight forward and the Co-Executors get along fine. There are three problems that John anticipated but is certainly no longer able to deal with. The first problem is a well intentioned Neighbor. This Neighbor had helped out John in his failing years and has a false sense of ownership. He thinks that he is 'entitled' to certain of John and Irma's Assets in spite of not be 'named' in the Will. He has taken advantage of Irma's 'generosity' by 'liberating' certain choice items. The second problem is found within the family. A spouse of one of the children has a false sense of entitlement as well, thinking that her partners 'share' is somehow unequal to that of the others. To get that balance back, some items of jewelry have gone missing. The third problem is also found within and because of the family dynamic. Three of the siblings are accomplished and successful individuals in their own right. The fourth sibling has a rather less accomplished life and did not the education benefits the others enjoyed. John had tried to recognize that within the Will. Unfortunately the group of 3 are effectively bullying decisions from the 4th that are counter to his interests.
Could John have predicted how circumstances would play out after his passing? Could John have been more specific in defining the conditions of his Will? Would another choice of Executor/s been more fitting under the circumstances?
The truth is that we can never be 100% certain of how things will play out when we are no longer in control. John was pretty astute nonetheless. Some of his decisions were made in the name of cost efficiency; others made because of a false sense of trust and others from simple nativity.
Iron clad Wills can still be victimized by the unpredicted, if not the unpredictable. None of us want our Estates pillaged by the avoidable legal issues.
It can be proactive to choose unbiased and neutral representation to be Executor for your Estate. There are choices.
This article is not intended to be the total answer to your questions and issues. There are hundreds of books written on the related subject matter and everyone has the potential of shining a new light on the subject matter.
When it comes to the Laws of our land it is best to consider a few basics. The laws vary from jurisdiction to jurisdiction. The laws are constantly being updated and interpretations are always subject to change.
It is wise to review any and all documentation found within the dynamics of this web site (and beyond) when you change jurisdictions; when new concerns come into play (births, deaths, adoptions, disability, divorce and so much more); and every 5 years or so ...just so everything that is on your priority list stays or gets where it belongs.
