Planning For Your Family’s Future: One-Size Plans Can Never Fit All
Every Estate Planning attorney will have several stories about various families that came to them after their parent/grandparent died, and how the Decedent either didn’t leave a Will or Trust, or decided to get a discounted one, perhaps online, where it is causing more harm than good. This is because even the best Estate Plans will not work for every family.
“While legal structures such as trusts and partnerships can guarantee the desired mechanical transfer of ownership of the family enterprise between generations, that does not negate the fact that family members can still fight over the assets with potentially devastating results[.]” “Therefore, smart succession planning using all the available strategies and structures while taking into account the objectives and personalities of family members is essential.”
As Jeb Burton points out, family dynamics are as important as the planning documents themselves. Has the plan covered potential substance abuse potentialities, creditors, disability, and/or that one individual who may feel they’re owed more than provided and can challenge the plan, potentially wasting the assets in a needless litigation battle?
These are all factors that need to be reviewed with a quality Estate Planning attorney and can avoid severe headache after you pass. Remember, people grieve in different ways and may receive bad advice from non-attorneys or online sources and take actions you would never expect. It’s important you have a plan that can protect your loved ones, including those that might make mistakes based on bad advice.
Want to know more? Contact the Burton Law Firm at 916-822-8700 or email@example.com and schedule a consultation.