Wills, trusts and estate planning shouldn’t wait – News-Press Now

Four adult children were bitterly divided following the death of their dad. The oldest son worked the family farm with their father, while the siblings followed career paths in other places. Their mother passed away a few years earlier. Each of the children jockeyed to divide the estate in ways that none of their siblings liked. The result is going to be that, after four generations, the family farm will no longer be owned or operated by a family member. Everyone is dissatisfied. Siblings and cousins no longer like each other. After decades of working, a couple looked forward to traveling together to visit family members and points of interest they had long dreamed about. Shortly before the man’s retirement, the couple learned that not only was the income they expected to provide for them inadequate, as a result of additional expenses they had not anticipated they were going to have to sell the home they loved. These are two common situations among many in which family assets were diminished or lost and relationships were torn apart because proper planning and documentation was never completed (or was not up-to-date). A comprehensive plan involving the counsel of professional advisers who are familiar with your goals and concerns, your assets and your family structure is crucial to avoiding probate and to ensuring your assets go to the people and organizations you intend them to benefit. I doubt that anybody has ever started planning too soon, but the list of those who regret waiting too long to start is a mighty long one. Seek the advice of trusted professionals who are qualified to properly advise and assist you sooner rather than later. This includes licensed experts in financial planning, law (estates, wills, trusts, etc.), insurance and tax accounting.

Four adult children were bitterly divided following the death of their dad. The oldest son worked the family farm with their father, while the siblings followed career paths in other places. Their mother passed away a few years earlier.

Each of the children jockeyed to divide the estate in ways that none of their siblings liked. The result is going to be that, after four generations, the family farm will no longer be owned or operated by a family member. Everyone is dissatisfied. Siblings and cousins no longer like each other.

After decades of working, a couple looked forward to traveling together to visit family members and points of interest they had long dreamed about. Shortly before the man’s retirement, the couple learned that not only was the income they expected to provide for them inadequate, as a result of additional expenses they had not anticipated they were going to have to sell the home they loved.

These are two common situations among many in which family assets were diminished or lost and relationships were torn apart because proper planning and documentation was never completed (or was not up-to-date).

A comprehensive plan involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and your family structure is crucial to avoiding probate and to ensuring your assets go to the people and organizations you intend them to benefit.

I doubt that anybody has ever started planning too soon, but the list of those who regret waiting too long to start is a mighty long one. Seek the advice of trusted professionals who are qualified to properly advise and assist you sooner, rather than later. This includes licensed experts in financial planning, law (estates, wills, trusts, etc.), insurance and tax accounting.