It takes time and careful consideration to select what special things will go to each of your loved ones at your death especially when it would be rare for you to know exactly what items are truly special to them. We now have the quintessential 21st century solution, a software program known as Fairsplit.
David MacMahan, an entrepreneur and the creator of FairSplit, said he designed tools for three contentious times in a family: death, divorce and downsizing.
The most effective part of this software tool is the fact that blended families that barely known one another or warring siblings can maintain complete anonymity. As one user said of the tool: “It was a great deal for me because I didn’t have to talk to someone who causes me so much emotional trauma. It was a blind, fair split. If she had known what I wanted, she would have prioritized it to spite me.”
Even if all of your children get along, it's unrealistic to believe that you can just give instructions to 'divide all my worldly goods equally' and expect them not to argue. John A. Warnick, an estate lawyer and the founder of the Purposeful Planning Institute asks clients "to think just for a second what it would be like on Christmas morning if your children ran downstairs and there were all of these presents, bright and shining, big and small, but with no name tags on them,” he said. “Can you imagine the free-for-all that would ensue?”
A major part of my job as an estate planning attorney and the greatest source of what makes my job such a pleasure to perform is that a great estate plan provides peace of mind; making the process as easy as possible for their loved ones even in the face of their grief. Let us help you provide a plan for you and your loved ones; call us today.
Reference: New York Times (April 15, 2016) "When Dividing Assets, the Little Things Matter"