An estate plan can help beneficiaries understand a loved one’s priorities and can leave beneficiaries feeling valued, or it can cause hurt feelings and arguments among loved ones. While talking to beneficiaries about an estate plan can eliminate potential misunderstandings later, many people are not comfortable talking about an estate plan.
For individuals who are not comfortable talking to loved ones about an estate plan, an experienced estate planning attorney can be an invaluable resource. A detailed estate plan along with additional attachments can provide loved ones with the information they need to appreciate the estate planning decisions.
Beneficiaries should understand the reasoning behind gifts. For example, if a family business is left to one child, the other siblings will respect the decision if the parent explains the reasons for the decision. For example, if only one child has the knowledge to continue running a family business, a parent should explain in the estate plan that that was a factor in making the decision and it was not a reflection of loving one child more than another.
Get Legal Help
Experienced Estate Planning Attorney Elga Goodman has the expertise you need to create an estate plan which honors your loved ones and minimizes problems among them. Call us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning