A Family Approach to Estate Planning

December 16, 2010

A Family Approach to Estate Planning

Talking about money, wills and possible inheritances is not always easy for parents or their children. Nonetheless, a family approach to estate planning has some surprising advantages, and it is an important part of a successful estate-planning strategy .

Some people regard their estate plans as secrets to be kept between themselves and their estate planning lawyers. However, discussing the future of a family's wealth together and openly can minimize conflict and avoid hurt feelings when wills are probated .

One benefit of a family approach is that there may be less confusion and distrust among beneficiaries if parents share their estate plans with their children. By discussing the distributions and provisions of the wills in advance, children and other beneficiaries can understand what was done and why.

Also, if estate plans are kept a secret, they may be more prone to challenges during probate. If the professionals who made the estate plans are the only people who know the parents' true intent, children and beneficiaries may be surprised by or disagree on the parents' actual wishes, possibly leading to expensive and emotional court battles.

In many instances, money is perceived as a proxy for love. Parents think they show their love for their children by giving them money, and children believe their parents' love for them is measured by the amounts they receive. A family approach to estate planning can help families appreciate the various ways to convey love and may free up funds for other purposes, such as charitable donations.

Discussing estate plans with the family also helps children locate the necessary documents when they are needed - whether in the event of death or mental or physical disability. Without a road map to mark the way, created in the course of that family discussion, the transition of family fiscal management can overwhelm the already stressed loved one left behind. Estate planning is most beneficial when the documents can be found easily and in their entirety. Therefore, at minimum, it is recommended that parents tell family members that an estate plan has been made and where the documents are located.

If you have questions or would like to know more about a family approach to estate planning, contact an experienced estate planning attorney in your area.

Article provided by Kirsch Gartenberg & Howard
Visit us at www.kghlaw.com