Deborah Jacobs wrote an interesting article for The New York Times on March 4th 2010. Here are a few excerpts:
- “FOR many people, estate planning is both a private matter and a morbid topic — not something that parents and their adult children want to discuss. While having these conversations takes a lot of courage, they can help avoid surprises, lead to better financial planning and promote family harmony.”
- “Without (a will), state law in Washington dictates that everything (an older father) left behind would go to his wife, from whom he has been separated for 30 years. Mr. Busch, 66, decided he would rather have his assets divided between their two children, and last month, father and daughter met with a lawyer to discuss the necessary documents.”
- “Families that speak freely about estate planning can sometimes address awkward situations that might arise, like the choice of the executor — who is in charge of distributing assets after someone dies — or succession plans for a family business or the leaving of assets in trust. While parents have no obligation to change an estate plan after hearing a child’s preferences, being upfront about what they plan can help refine their approach, said John L. Berger, a lawyer with Lowenstein Sandler in Roseland, N.J.”
Read the full article here: http://www.nytimes.com/2010/03/04/business/04ESTATE.html?emc=eta1.
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