Estate Planning as a Career

We all know of a family whose siblings never recovered from the rift created during their parent’s estate settlement. Greed often is blamed, yet it is not always the cause.

When a death occurs, a seemingly endless number of details need attention in a very short period of time. These can include decisions surrounding burial or cremation, caskets, music, flowers, vaults and services. In addition, families must settle the deceased’s estate, often without any guidelines or expert help.

Consider this typical situation: A mother dies and everyone in the family is aggrieved — an emotional state known to induce poor judgment and rash decisions. No one knows what to do about funeral arrangements, and details about her estate — including the contents of her will, listing of assets, where safety deposit box keys or insurance policies are located, who the family representative is, etc. — are fuzzy.

In cases like this, the children often get together to decide which one would be the best to handle the deceased’s financial affairs. That person is deemed the family representative and must not only manage a myriad of details in unfamiliar legal waters, but also fend off potential squabbles among siblings.

Simple items belonging to the deceased become emotionally charged representations of the parent’s love. Money becomes a measure of caring and an interpretation of parental attitudes toward each child. “She always felt sorry for you, so you got the furniture.”

It’s no wonder families are torn apart so often during funeral and estate settlements. But, a little preplanning and discussion among family members can prevent needlessly high administrative and funeral expenses, unnecessary estate taxes, additional lost work time and the high cost of fighting and hurt feelings.

Preplanning arrangements allow financial and legal decisio (more…)