Anticipatory Estate Planning Mediation: How to Protect Your Family from Future Conflicts Over the Partition of Your Assets

While disputes commonly arise after someone's passing, it's not uncommon for tensions to emerge within families even before that critical moment, particularly among the children of the individual involved. Unfortunately, many individuals are unaware of the existence of pre-mortem mediation, also referred to as anticipatory estate planning mediation.

Contrary to common belief, estate planning is not just about legal documents (will, trust, etc.); it's about fostering understanding and preserving family relationships for the future. Anticipatory estate planning mediation provides an invaluable opportunity for parents to engage in open and honest discussions with their children about how their assets will be distributed before their passing. These dialogues can be emotional and intense, but they allow the parents to explain their decisions and the rationale behind them.

1). Anticipatory estate planning mediation: The principles behind the concept

Anticipatory estate planning mediation is a process in which individuals with the help of a neutral third party i.e. a mediator engage in facilitated discussions and negotiations while they are still alive to proactively address potential conflicts and issues related to their estate. This form of mediation aims to prevent disputes among heirs and beneficiaries by resolving disagreements and clarifying intentions before an individual passing. It helps ensure a smoother transition of assets and minimizes the likelihood of legal battles over inheritance after the person's death.

Anticipatory estate planning mediation offers a space for children to ask questions, seek clarifications, and understand the intentions of their parents, promoting transparency and avoiding potential conflicts in the future.

Beyond the distribution of assets, these mediated conversations often result in a deeper understanding among family members. Through the process of discussion and facilitated dialogue, families have the opportunity to navigate potential conflicts, ensuring that the bonds that tie them together are preserved.

2). The long-term benefits of anticipatory estate planning mediation

During an anticipatory estate planning mediation many of the items known to create conflicts among family members after the passing of a loved one can be discussed and addressed. For your information, you will find below a list of some of the most sensitive topics that can be talked about during the anticipatory estate planning mediation session.

a). Anticipatory estate planning mediation allows individuals to specify how they want their assets distributed after their death. This will help ensure that their wishes are followed without disputes among heirs. Therefore, when the deceased person has established a will and a trust based on what had been agreed on during the anticipatory estate planning mediation, the post-mortem planning which involves the administration of the trust by a trustee responsible for managing and distributing the trust assets will be facilitated. That said, bear in mind that after the anticipatory estate planning mediation, consulting with legal and financial professionals is always advisable to create a customized estate plan that aligns with one specific goals and objectives.

b). Deceased's financial accounts: anticipatory estate planning mediation allows to determine who will be in charge of closing, notifying relevant institutions of the death, and handling administrative tasks such as canceling subscriptions and notifying government agencies.

c). While funeral and burial arrangements are typically made shortly after death, they may involve coordinating any outstanding details related to the deceased's final wishes. This matter can be debated during the anticipatory estate planning mediation.

d). Minimization of tax liability: Proper estate planning can help minimize estate taxes, ensuring that more of the estate passes to beneficiaries rather than being subject to high tax rates. This can preserve wealth for future generations.

e). Financial security for dependents: Anticipatory estate planning mediation is a great place to discuss the financial security of family members in need of assistance (surviving spouse, child, etc.), ensuring that they will be taken care of as wished by the deceased person.

f). Healthcare Directives: a trust usually includes the creation of advanced healthcare directives, such as a living will or a healthcare power of attorney. These documents specify an individual's wishes regarding medical treatment if they become incapacitated. This is another matter that can resolved through anticipatory estate planning mediation.

g). Business Succession Planning: For business owners, estate planning is crucial for ensuring a smooth transition of ownership and management of the business. This can help prevent disruptions and maintain the continuity of the business.

h). Charitable giving: Individuals can use estate planning to support charitable causes and organizations. This may include setting up charitable trusts or including charitable bequests in a will.

In conclusion, mediation is not just a legal tool but a bridge for understanding, providing families with the means to foster communication, and transparency, and ultimately preserve the relationships that matter most. Having an estate plan in place that has been previously discussed with all the parties involved during an anticipatory mediation session provides peace of mind for individuals, knowing that their affairs are in order and that their loved ones will be taken care of according to their wishes with limited chances of conflict among them.

Thank you for your ongoing support and commitment to peaceful resolution.