As an estate planning attorney with 33 years of expereience in this field, I wanted to commend you on a very well written, perceptive and accurate analysis of methods that people can and should use to minimize the risk of litigation and related problems arising when they die. The eight points that you cite are ones that I have tried to encourage my clients to implement time and again, although I frequently see my clients resist when I encourage them to have these open and frank discussions with their children/heirs. Another area that is filled with potential problems is taht of second and third marriages, and the problems that result without proper planning, Prenuptial Agreements, etc. Too often the client is seeking the "simple", economical option, believing that Wills can be simple; however, if the proper questions are not addressed when the client is setting up his/her estate plan, the Will that results will frequently become the subject of protracted, expensive, and divisive litigation. Spend the time and the money necessary to minimize those risks, and do a thorough job of planning what will happen when you die. Thanks again for providing such an excellent summary of this important area.
Louis N. Teti, Esq.
Louis N. Teti
of PA
@
Nov 27, 2009 15:26:48 PM
no kidding
Excellent advice. Based on my experiences, number 2 and 5 are the key. No matter how well you think your family is getting along, a death in the family can change everything. I advise clients to definitely appoint someone outside the family as trustees and executor that will do the job for free so they have no financial interest.
tom
of ND
@
Nov 27, 2009 07:55:08 AM
Yes Yes
Im living that now with the passing of my mother, she left all to my sister that hardly ever helped her during her difficult times in her later life. Seems my wife and I are being punished for the help we gave in her final years here on earth. If I had only known what the outcome would bring and what the future holds now. Beware ALL for whats ahead in your situation.
Ashcraft
of WV
@
Nov 25, 2009 08:31:52 AM
And... Don't Punish from the Grave
No. 8 made me think of a No. 9--don't punish from the grave. Work to resolve family difficulties now, rather than making a point later. Leaving more (or nothing) to one over others may seem like a sensible way to make a statement. But, in the end, it continues to damage family relationships. Take time now to resolve disputes. In addition to your estate, you'll leave a healthy legacy.
Louis N. Teti of PA @ Nov 27, 2009 15:26:48 PM
tom of ND @ Nov 27, 2009 07:55:08 AM
Ashcraft of WV @ Nov 25, 2009 08:31:52 AM
Denise Brown of IL @ Oct 23, 2009 15:33:45 PM
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