Estate Planning as a Career

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There’s more to estate planning than a will. While a simple document might have been sufficient for past generations, the modern man or woman needs to take a closer look at the estate planning process, if they are to avoid years of legal dispute and infighting among their heirs and beneficiaries.

There are several trends which factor into this shift towards increased conflict in probate matters. Not all of these are recent, but their combined effects are undoubtedly being felt more in the modern era than at any other time in history.

A Change in “Family” Values

One of these factors is the loosening of the traditional nuclear family. Things that used to be taboo - divorce, children born out of wedlock - are now commonplace, if not universally accepted. As a result, family relationships have become increasingly complicated and strained. When people divorce and remarry, they essentially broker a “merger” between two independent family units with different backgrounds and interests. The issue becomes even more unclear when illegitimate children born of affairs or failed relationships are thrown into the mix. Add to that the decline of the admittedly unequal but simple system of primogeniture, and it is easy to see how disputes over inheritances could arise out of such a situation.

For someone interested in estate planning, a tangled web of relationships is a daunting obstacle to overcome. What is one to do? Is it moral to favor an illegitimate child over a legitimate one? Should the children of a first marriage be given precedence over the children of subsequent unions? These are just a few examples of the thorny questions that must be answered by an effective estate plan. Unfortunately, even when done with the best intentions, the allocation of these assets to this heir or that one often results in hurt feelings and bitter legal disputes over objects of little monetary but great sentimental value.

The Money Factor

In recent decades, society as a whole has developed a more money-centric mentality. With the introduction of conveniences such as credit cards, online shopping, and other ways to spend without immediate repercussions, consumers are more prone to find themselves in debt or at the least in financial troubles. Consequently, current generations also tend to have less savings and less financial security than those before. While disjointed family relationships may account for disputes over sentimental items, the new money-oriented attitude may lie at the heart of disputes over assets with high economic value.

Because of the emphasis that modern men and women place on money and monetary worth, someone interested in estate planning must take careful stock of his or her assets. Although this may not be able to avoid conflict in the future, it will at least stave off any misunderstandings based on inaccurate or unclear knowledge of one’s own property.

For more information on overcoming the obstacles to effective estate planning, visit the website of our experienced Austin probate lawyers at http://www.probatelawyeraustin.com.

Joseph Devine

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At least redirecting mail in advance would be one thing off your mind.

This entry was posted on Friday, March 21st, 2008 at 9:43 am and is filed under , Estates, Wills, Trusts, Career Information, Blog Carnival. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.