Estate planning is an important process that helps ensure your assets are distributed according to your wishes and your loved ones are protected. However, even the best-laid plans can sometimes go awry, as seen in high-profile cases like Rupert Murdoch’s estate planning turbulence and the legal battle over the late Margaritaville singer’s estate. With the great wealth transfer underway, many people, including the wealthy, still struggle to get the transfer right.
Legal and relationship changes over time can complicate long-term planning. Kevin Ghassomian, partner at Venable LLP, emphasizes the importance of effective estate planning that accounts for potential disagreements among family members. Wills are often the primary focus in estate planning, but trusts can offer more control over asset distribution and help avoid costly legal disputes.
However, trusts are complex and must be carefully chosen and drafted. Cheri Stein, senior trust officer at Plante Moran Wealth Management, advises that there is no one-size-fits-all solution for trusts.
Effective estate planning essentials
When considering a trust, experts suggest avoiding multiple trustees, providing decision-making structures, understanding irrevocability, and considering state laws. Joseph Fresard, attorney at Simasko Law, warns that having multiple co-trustees greatly increases the chance of litigation. Estate planning can also play a crucial role in maintaining family assets like a cabin.
David Gulko shares insights into the steps needed and considerations to keep in mind for effective estate planning to ensure the cabin remains in the family for future generations. To help individuals and families take control of their legal and financial future, Peter Ligh, an estate planning attorney on the Upper West Side, is offering a free, informative webinar. Attendees will learn about the importance of having a will or trust, what happens when someone passes without a plan, key documents everyone should have in place, and how to avoid probate court and minimize costs and delays.
Ligh Law offers a wide range of estate planning services tailored to meet the diverse needs of its clients, including wills and trusts, powers of attorney, healthcare directives, probate and trust administration, and estate tax planning. Planning your estate can be daunting, but careful consideration and selection of the right tools and guidance can make the process smoother and ensure that your assets are distributed according to your wishes. It’s important to start planning early to protect your legacy and provide for your loved ones.