Estate Planning, Family Law, Trust Administration, and Probate in Santa Barbara County

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Posts tagged Trustees
Preventing Family Conflict and Disputes Over Your Estate Plan

Family members do not all think the same, and the wrong question, or the unplanned for difficult situation, can emphasize disagreements and different philosophies if there is no clear and straightforward way of making a decision. No matter how well you think you know your loved ones, it’s impossible to predict exactly how they’ll behave when you die or if you become incapacitated. No one wants to believe that their family members would ever end up fighting one another in court over inheritance issues or a loved one’s life-saving medical treatment, but the fact is, we see it all the time.

Family dynamics are extremely complicated and prone to conflict even during the best of times. But when tragedy strikes a member of the household, even minor tensions and disagreements can explode into bitter conflict. And when access to money (or even quite often, sentimental items of furniture or jewelry) is on the line, the potential for discord is exponentially increased. Ultimately, there is no greater cost to families than the cost of lost relationships after the death or incapacity of a loved one.

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Five Ways DIY Estate Plans Can Fail & Leave Your Family at Risk — Part 2

Without a thorough understanding of your family dynamics, the nature of your assets, and how the legal process works upon your death or incapacity, you are likely to make serious mistakes when creating a DIY estate plan. Even worse, these mistakes won’t be discovered until it’s too late — and the loved ones you were trying to protect will be the very ones forced to clean up your mess or get stuck in a costly and traumatic court process that can drag out for years.

Yesterday, in part one of this series, we covered the first two ways DIY estate plans can fail, and here, we’ll cover the remaining three.

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10 Common Estate Planning Mistakes Your Family Can't Afford to Make - Part 2

Part of creating any family involves, for every responsible adult, creating a financial plan and a legal plan. Whether your family is new or old, maintaining stability and security are a part of how you protect those you love most. Everyone needs to manage their finances well. And everyone needs an estate plan that avoids the most common pitfalls made by those who are not well informed.

Estate planning is definitely not a one-size-fits-all endeavor. Even if you think your particular situation is simple, that turns out to almost never be the case. To demonstrate just how complicated estate planning can be, last week in part one, we highlighted the first five of 10 of the most common estate-planning mistakes, and here we wrap up the list with the remaining five mistakes.

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