8 Tips to Avoid Nasty Estate Surprises

Reader Comments

Back to blog

a case where life time live in son and daughter named executors. parents died, remaining siblings agree to leaving them family home free and clear... the rest a mess. held all GM stock, and assorted "widows and orphans" stock. Huge loss in value of estate. estate attorney charging by the hr. now 3 yrs in Pa. a total mess. Any thoughts?

cb of DE 8:08PM January 21, 2010

Mr. Moeller,

As an estate planning attorney with 33 years of expereience in this field, I wanted to commend you on a very well written, perceptive and accurate analysis of methods that people can and should use to minimize the risk of litigation and related problems arising when they die. The eight points that you cite are ones that I have tried to encourage my clients to implement time and again, although I frequently see my clients resist when I encourage them to have these open and frank discussions with their children/heirs. Another area that is filled with potential problems is taht of second and third marriages, and the problems that result without proper planning, Prenuptial Agreements, etc. Too often the client is seeking the "simple", economical option, believing that Wills can be simple; however, if the proper questions are not addressed when the client is setting up his/her estate plan, the Will that results will frequently become the subject of protracted, expensive, and divisive litigation. Spend the time and the money necessary to minimize those risks, and do a thorough job of planning what will happen when you die. Thanks again for providing such an excellent summary of this important area.

Louis N. Teti, Esq.

Louis N. Teti of PA 3:26PM November 27, 2009

Excellent advice. Based on my experiences, number 2 and 5 are the key. No matter how well you think your family is getting along, a death in the family can change everything. I advise clients to definitely appoint someone outside the family as trustees and executor that will do the job for free so they have no financial interest.

tom of ND 7:55AM November 27, 2009

Im living that now with the passing of my mother, she left all to my sister that hardly ever helped her during her difficult times in her later life. Seems my wife and I are being punished for the help we gave in her final years here on earth. If I had only known what the outcome would bring and what the future holds now. Beware ALL for whats ahead in your situation.

Ashcraft of WV 8:31AM November 25, 2009

No. 8 made me think of a No. 9--don't punish from the grave. Work to resolve family difficulties now, rather than making a point later. Leaving more (or nothing) to one over others may seem like a sensible way to make a statement. But, in the end, it continues to damage family relationships. Take time now to resolve disputes. In addition to your estate, you'll leave a healthy legacy.

Denise Brown

Caregiving.com

Denise Brown of IL 3:33PM October 23, 2009

Add Your Thoughts
Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.

Back to blog

The Best Life

Philip Moeller, contributing editor for U.S. News Money, writes about achieving success and happiness in older age. He also is a research fellow at the Sloan Center on Aging & Work at Boston College.

advertisement

Our retirement readiness calculator will provide a rough idea of how long your retirement savings and income will last.


Latest Video

advertisement