Yesterday I received a call from an adult child of one of my 80 year old clients. My client is in great physical and mental health. She understands the importance of getting her affairs in order and further understands that with 4 children she needs to provide direction on the handling of her affairs.
Well, her son's concerns were expressed as follows:
"My mother does not have an "estate". There is nothing "complex" about what she has. Therefore, she does not need any "estate planning". Her children can take care of her affairs for her."
My answer to him was to help him understand just what an "estate" is. So, I said:
"Your mother's "estate" is not just about tangible things but the intangible as well. On the tangible side, she has (1) her home which is very valuable - great location, well maintained and no mortgage; (2) her original art work and (3) some antiques. On the intangible side, she has (1) one child in transition after a divorce and needs to have a place to stay with her children; (2) her other children whom she would like to leave an inheritance; (3) her passion as an artist that is also a part of her legacy. More importantly, your mother would like for her wishes to be known and not have her children in disagreement over the handling of her affairs."
I encourage families to sit down and discuss these matters because he represented what could happen if there are no plans, children second guessing the wishes of their parents. With an estate plan there is no second guessing.
Leave your comments here or contact us at http://www.ythlaw.com/
Well, her son's concerns were expressed as follows:
"My mother does not have an "estate". There is nothing "complex" about what she has. Therefore, she does not need any "estate planning". Her children can take care of her affairs for her."
My answer to him was to help him understand just what an "estate" is. So, I said:
"Your mother's "estate" is not just about tangible things but the intangible as well. On the tangible side, she has (1) her home which is very valuable - great location, well maintained and no mortgage; (2) her original art work and (3) some antiques. On the intangible side, she has (1) one child in transition after a divorce and needs to have a place to stay with her children; (2) her other children whom she would like to leave an inheritance; (3) her passion as an artist that is also a part of her legacy. More importantly, your mother would like for her wishes to be known and not have her children in disagreement over the handling of her affairs."
I encourage families to sit down and discuss these matters because he represented what could happen if there are no plans, children second guessing the wishes of their parents. With an estate plan there is no second guessing.
Leave your comments here or contact us at http://www.ythlaw.com/
No comments:
Post a Comment