Keeping Obstacles at Bay During the Probate Process
Having worked with clients from many areas of life as an Orange County estate planning lawyer, we at Parker Law Offices are well-versed in resolving the difficulties that can emerge when deciding on these crucial factors
Orange County estate planning lawyers frequently emerges out of conflicts of opinion. Good news is that most disagreements can be worked out with a little forethought. Let’s have a look at the most prevalent conflicts of interest and how to overcome them.
Visit: https://www.estateandtrustlawyer.com/orange-county-estate-planning-attorney
Beneficiaries
A poll done by TD Wealth indicated that the top hazard to estate planning is family strife.
The most common sources of family strife, according to those polled, were disagreements over who should receive benefits, followed closely by issues arising from blended families and a lack of open communication.
Determining which family members receive what investments can lead the tightest of families into acrimonious discussions. While money plays a huge role, you would be shocked at how often the fight isn’t actually about money, but love. For example, both of my sisters and I desire Mom’s wedding band since it signifies our family’s unity and stability.
In order to discourage your children from traveling to the courts to dispute, it’s necessary to have all investments, including family heirlooms or objects with emotional attachments, recorded in the trust. The instructions of the trust ensure that all parties understand what your wishes are.
What happens, though, when you and your partner dispute over who should receive what?
Your Orange County estate planning lawyer can recommend you and your family on what is conventional in particular scenarios. A well-crafted estate plan can prevent bitter legal fights and lead to peaceful resolutions. Discuss your concerns and possibilities with an attorney who has produced countless estate plans.
Blended Families
Approximately 40 percent of married couples in the U.S. with children are classed as step-couples. This word of the 20th century refers to households in which at least one of the partners has a child from a prior connection.
Unfortunately, this family composition is the third largest hazard to estate planning. As the successor trustee, one party wants his or her biological son, while the other party wants his or her biological daughter.
Children from past relationships, and the intricate interconnections from those familial connections, can make this debate particularly tough to settle.
If one of the parties does not authorize of the trustee the other party is set on, an alternative trustee needs to be negotiated. The function of trustee is a crucial fiduciary position and should be designated for only the person who is most trustworthy.
One of the numerous benefits of a trust is it shields the estate from going through probate, potentially saving your family a huge amount of time and money. This also implies that the court will most likely not be involved and will not be reviewing the conduct of the trustee—or making decisions on behalf of people who may inherit from the estate.
If the successor trustee is tempted to take more of the estate than the trust stipulates, family members may be forced to go to court, which may be expensive in terms of both money and time, as well as emotionally draining for everyone involved.
Communication
Communication regarding estate planning matters can be challenging even in the best of situations. Having a debate regarding money, assets, and mortality may plunge many families into passionate controversy.
For some families, introducing an unrelated third party to the table helps lessen emotional turmoil and ease friction. Similar to coming together with your financial advisor or a trusted family friend who accomplishes not have any stake in the outcome, session with your estate planning attorney can help provide a neutral, unbiased perspective.
Trustees who will take over in the future
Couples will need to pick who they will designate as the successor trustee. This is the individual responsible for administering and protecting the assets as well as distributing them to the beneficiaries.
The function of successor trustee should be delegated to the most dependable and trustworthy family member. Unfortunately, couples do not always settle on who will best represent them and take care of the many tasks in an appropriate manner.
To compound matters, some families elect to have more than one person take on this duty, or forget to appoint a back-up trustee should the first successor grow ill or find the various obligations excessive.
Discuss this critical decision over with your Orange County estate planning lawyer. You’ll be able to clearly address critical themes including provisions that allow or do not allow your beneficiaries to appoint a successor trustee.
Guardianship
In the event that both parents are unable to care for their children, appointing a guardian will ensure that someone will look after them. However, this decision may cause significant friction within the family. There is, after all, plenty at stake.
If left undetermined, or not legally documented, the decision rests with the court. Child Protective Services may be called in if no one in the family steps forward to serve as a suitable parent in the eyes of the court.
Some considerations include picking a person that currently has a loving bond with the child. For some families, this individual may be a close family member or distant relative; for others, they may be a friend.
Avoid being deterred from making the right decision because of your “lack of blood links.” Plan ahead of time for the possibility that your designated guardian won’t be available.
If you and your partner can’t appear to come to an agreement, it’s time to seek professional help. The stakes are merely too high for you to put off making this decision until you reach some sort of consensus.
Your Orange County estate planning lawyer can help you work through these difficult issues and ensuring your estate plan specifies the right preferences and instructions, as well as defining financial support for guardian and children.
🎧 Podcast: https://ift.tt/2cu56YA
from Parker Law Offices https://ift.tt/jukN9rl
via IFTTT
Parker Law Offices 