Leaving A Legacy with Your Estate Plan

Having an estate plan and being aware of what it says, in addition to communicating this to your loved ones who are key players in the estate plan, can ensure that this reflects your values and your wishes. Many of the most common responses when people are asked about their estate plans include:

• We have an estate plan or a trust, but we don’t really know what it means or what it says.
• We completed a will a long time ago when our kids were younger, but now we have grandchildren.
• We don’t have an estate plan at all. We know that we should have one, but we simply haven’t gotten around to it.

The role of an estate planning attorney is to help a client start, continue, or finishing a difficult conversation. In some cases when estate planning has already been broached once, the remaining decisions could be easy. In other cases, however, couples might disagree about their legacy and there could be sticking points that could make decisions difficult to arrive at. It’s critical to consider how assets are distributed in your estate planning process. A child with special needs, a second marriage, a family cabin, partial interest in real estate and more are all examples of how distribution of assets can become extremely complicated. Your estate plan should reflect what is most important to you.

You may want to consider passing on a legacy of charitable gifting and to consider how much is too much or enough for your children or other family members if something were to happen to you. What might be fair for one family, may not be equal for another. Scheduling a consultation with an estate planning lawyer is important.