Good estate planning is important. Just ask billionaire media tycoon Sumner Redstone.
As reported by The Hollywood Reporter, the drama over Redstone’s fortune has ended. Recently, a California judge ruled that the 93-year-old had the mental capacity to change his estate plan. Redstone left a fortune to his younger girlfriend, at the expense of his children.
Indeed, the nasty battle highlights issues that are present in every estate plan, no matter how large or small.
One key issue is family dynamics. For example, you should be aware of how your heirs will get along. It’s tempting to just put your oldest child in charge of matters after you die. But, he might not be best for the role if he has a poor temperament or cannot be objective. Additionally, you should pay attention to how your chosen heir reacts to grief or stress.
If your goal is to avoid putting your heirs in tense situations, you might want to have an Estate Planning Lawyer at Velella & Basso act as your executor or trustee. We have decades of experience administering client Trusts and Wills.
Another key issue is loss of mental capacity. Our attorneys can address this with special language in your Will or Trust documents. But, the sad reality is that sometimes it is not clear when or if an elderly person loses mental capacity. Further complicating matters is that medical professionals might come to different conclusions on the issue.
Even the best-laid estate plans can be challenged. The more wealth you leave, the more likely it is that conflicts ensue. You should hire Estate Planning attorneys who are also Estate Litigators, like the attorneys at Velella & Basso. We are more likely to spot holes in your estate plan since we review things from a different perspective. Call us today at (718) 931-1220 or schedule a consultation online.
The information on this website is not legal advice. It is for information purposes only. No user of this site should act or refrain on the basis of this information without seeking legal counsel. This website does not create an attorney-client relationship. Photo 78249850 © Starstock | Dreamstime.com