Although more and more people are realizing the importance of estate planning, it’s possible to overlook the opportunities and to walk away with very basic documents that don’t address all of your concerns. An estate plan is most likely to succeed when the heirs who benefit have a positive impact from the plans, rather than being mired in arguments with one another. All too often, that’s what happens with family members, some of whom may spend months in court battling over the documents and decisions.
(Photo Credit: bettersmartersaferway.com)
Planning for the future requires careful consideration that in many cases passes assets on to children with a plan for stewardship and responsibility. There are numerous cases where thinking well in advance is simply in everyone’s best interests, whether it’s to reduce the opportunity for conflict between children or to help make a business succession smooth. In a recent national survey, one of the leading reasons for individuals to evaluate their estate plans was to limit chaos among children.
In this way, you can think of estate planning as the best form of family leadership. It goes beyond tax saving strategies, trusts, and charitable giving (although those are all important). It is a process of planning that allows a family to empower heirs for a meaningful and a successful future. To learn more about estate planning for a variety of scenarios, email us at info@lawesq.net or contact us via phone at 732-521-9455.