Monday, May 24, 2010

Back to Basics: Forethought and Planning Prevent a World of Hurt

Wills and estate plans are always touchy subjects among family simply because they can have so much hidden meaning... at least that’s what heirs often think: 

I got mom’s jewelry but my sister got a cash gift—does that mean mom loves her more than me?

What’s wrong with me that Dad didn’t choose me as executor?

I never really liked the vacation home, but is my brother trying to cheat me by buying me out?

If I ask my parents about their estate plan now will they think I’m eager for them to die?

Wouldn’t things be so much easier if we could just lay all the estate planning issues on the table and discuss them openly and without judgment?  Well, that is exactly what this article on abc.com suggests we do.

The article includes 3 “Estate Planning 101 Inheritance Lessons” to help your family become better prepared for the inevitable: 1. practice honesty and transparency, 2. plan ahead and update often, and 3. think through your own wishes and the wishes of your heirs.  Three simple suggestions that can save you and your heirs a world of fighting, hurt feelings, and high legal fees later on.

But it’s not always easy to start such a sensitive conversation with family—that’s where our firm comes in. We can help you with the tough questions and decisions, and when the time comes we can help you discuss those questions and decisions with the rest of your family.  Although it’s tempting to simply bury your head in the sand, the longer you put it off the more difficult it becomes.  Let us help your family find a peaceful solution today.