When creating an estate plan, it can be overwhelming to consider all of the different strategies and factors that can impact how your estate should be administered. Many people wish for their estate plan to provide as simple and clean of a process as possible. For example, a parent may wish for their children to receive equal shares of an estate, leaving little room for hurt feelings or arguments over who gets what. While this is ideal and appropriate for many situations, it may not apply to every family. Unfortunately, life brings with it circumstances beyond our control. For example: children can present unique problems and issues as they grow older such as addictions or criminal behavior; a family member may act in a way that loses trust of others; relationships among family members may become strained.
When there is a concern for how an estate is to be distributed and managed, it is important to know your options and strategies that can provide a safe distribution after you are gone. A sad but common example is of a parent who has an adult child with a substance abuse addiction. That parent may not wish to cut that child off from an inheritance altogether, but may also recognize that giving a full inheritance to that child may create a dangerous situation for them. Another common example is of a child who is unwise with money and life decisions, in which case a parent may have concerns that their legacy would be wasted in a moment. In these situations, the common strategy of giving each child an equal share outright is not only inappropriate, but can prove problematic for both the child and the rest of the family. When meeting with clients, we take these opportunities to discuss strategies that can place boundaries on the child's inheritance, ensuring they receive an estate but are not wasting it away. In some rare instances, a parent may even determine disinheritance is appropriate.
It is crucial to discuss these different strategies and circumstances with an experienced estate planning attorney to know what the best options are for your individual estate plan. We at Groneman Law Firm take the time to get to know our clients, listen to their concerns, and ask questions that clients often don't think of themselves. In turn we can present strategies that specifically address and resolve these issues.
Whatever your circumstance, an estate plan can address concerns you have surrounding those closest to you. Before deciding how your estate should be distributed, contact us to discuss your situation and different strategies that may help. We will ensure that your estate plan will reflect your specific wishes after careful consideration of what is best. You can then rest assured that your legacy is protected.
